The impact on Chinese economic growth and energy consumption of the Global Financial Crisis: An input-output analysis

摘要

The dependence on foreign trade increased sharply in china, and therefore Chinese economy is obviously export-oriented. The Global Financial Crisis will impact the Chinese economic growth violently. Chinese government has recently adopted some effective measures to fight against the Clobal Financial Crisis. The most important measure is the 4 trillion Yuan ($586 billion) stimulus plan which was announced on November 9, 2008. This paper discusses the influence on energy consumption and economic growth of Global Financial Crisis and the stimulus plan against it by input-output analysis. The results show that the fall of exports caused by the Global Financial Crisis will lead to a decrease of 7.33% in GDP (Gross Domestic Production) and a reduction of 9.21% in energy consumption; the stimulus plan against the Global Financial Crisis will lead to an increase of 4.43% in economic growth and an increase of 1.83% in energy consumption; In the Global Financial Crisis, energy consumption per unit GDP will fall in China.