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China’s International Coordination in Policy Response to the 2008 Financial Crisis

China’s policy responses to the 2008 financial crisis and its economic performance afterwards have received wide attention from researchers and policy makers throughout the world, particularly in the United States. The purpose of this paper is to examine the context in which China’s policy responses took place and the consequences of these policies. First, it describes and analyzes the macroeconomic environment in China when the tsunami of financial chaos engulfed the world in 2008. The stimulus packages by the China and the United States were undertaken in different contexts. China echoed U.S. polices although its domestic worry was inflation when the financial crisis occurred. Second, it analyzes the motives of China’s policy responses. Why did China make a 180 degree turn in its fiscal and monetary policy in 2008? Third, it highlights the major fiscal and monetary policies implemented by China during the financial crisis. Finally, it assesses the effects of China’s policy responses on the Chinese economy and the rest of the world.