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The Reasons for American Financial Crisis and the Implications for China

LV Hong-juan,HE Lian-cheng(1.International Business School,Shaanxi Normal University;2.School of Economics and Management,Northwestern University,Xi'an 710062,Shaanxi)  
Since terrorists attacked in September 11,2001,the United States has been implemented the loose monetary policy to stimulate the economy,but this resulting the separation between virtual economy and real economy.At the same time,financial institutions issued a large number of high-risk sub-loans for seeking profits.While in the process of its circulation,credit rating agencies produced unjust rating because its own special status.All of this caused a chain reaction of financial institutions when house prices are falling.So a global financial crisis outbreak and spread as the financial giant's bankruptcy and losses.This is also sound the alarm to personal housing mortgage loan business of China's commercial banks,the domestic excess liquidity and the credit rating agencies which at the initial stage.It should develop the financial system and social system to solve these problems.
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