·China, the United States, Europe and the United States, the manufacturing industry is booming

The industry's sluggish steel companies' third-quarter earnings were worrisome. After the financial tsunami broke out at the end of 2008, the United States, Europe and China adopted different strategies. Finally, the United States recovered, and the EU, which is dominated by Germany and France, also recovered. Only China is deeply mired. In the midst of depression. Therefore, the theme of the Third Plenary Session of the 18th Central Committee and the subsequent Central Economic Work Conference was to solve all the crises brought about by the financial tsunami in 2008 and to resolve the economic dilemma caused by policy mistakes in the past five years. Therefore, as far as the current economic chaos is concerned, the word "chaos" is derived from the financial tsunami of 2008, which stems from the improper handling of the financial tsunami. In my book "Lang Xianping said: Hope under the Depression" has more explanations, interested readers can look at.
Let us first look at how China, the United States, and Europe deal with the 2008 financial tsunami.
After the financial tsunami broke out at the end of 2008, the US economy fell to the bottom in March 2009 and fell into an unprecedented Great Depression. In order to stimulate the economy, the new President Barack Obama introduced two economic policies.
The first is the Manufacturing Promotion Act, which was launched by Obama in 2010, also known as the Manufacturing Recycling Act. Obama hopes to boost the US economy by promoting manufacturing. Once this policy was introduced, the world, especially China, was puzzled: has manufacturing not lost its competitive edge? How do you still drive manufacturing? You are completely wrong. The United States has always been a manufacturing power and a big country, controlling the core link of the industrial chain, because manufacturing is the soul of the economy.
Through comparative analysis, we found that every time you invest a dollar in an industry, you can create a certain return in other industries, the first of which is the manufacturing industry. That is to say, every time you invest a dollar in the manufacturing industry in the United States, you can create 1.48 times the output value in other industries, which is the highest. The second place is agriculture. In the case of agriculture, each investment can create 1.25 times of output value in other industries, while other industries such as real estate and service industries are all below 1. Among them, real estate is 0.97, which is nearly half of the manufacturing industry; retail, wholesale and other industries are nearly 70% less than the manufacturing industry. Therefore, whether in the United States or in the world, manufacturing is the most important, and countries with poor manufacturing cannot simply talk about recovery.
The second is quantitative easing monetary policy. The purpose is to lower the interest rate, and how low it is, probably close to 0~0.25%. Lowering interest rates also means lowering the cost of financing, which can encourage companies to borrow more.
In the end, the United States passed the "Manufacturing Promotion Act" and the quantitative easing monetary policy aimed at lowering interest rates, making the US economy start to pick up the world from 2012. In December 2013, the US stock market has risen by 14.9% compared to the 2007 stock market peak. In 2013, the US stock market also rose by 21%. And what about China? Compared with the highest point of the stock market in 2007, it was 35% at that time. It fell by 65%, and in 2013 it was a negative growth of 8%. Through this comparison, it can be found that the policy adopted by the United States is clearly successful.
Next, let's take a look at Europe. Everyone should remember that the 2008 financial tsunami stimulus led to the outbreak of the European debt crisis in 2010. But in this case, the EU also began to pick up in 2013. why? Of course, it is also because of the recovery in manufacturing
Take Germany as an example. Germany has always been a manufacturing power. 80% of high school graduates in Germany go to technical schools to learn technology, and Germany's more than 3.3 million small and medium-sized manufacturing companies are irreplaceable in the world. These are the foundations of Germany as a manufacturing kingdom. In the face of the financial tsunami, Germany continues to vigorously develop manufacturing, which is similar to the US Manufacturing Promotion Act. At the same time, although Germany did not adopt quantitative easing monetary policy, the wage growth rate of German workers in the 12 years from 2000 to 2011 was negative, from -0.5% to -1%. In other words, the German government hopes that these manufacturing factories will not lay off employees, prefer to give workers a lower salary to maintain their jobs, continue to develop manufacturing, and finally prove that this is a success. This is the same effect as the implementation of quantitative easing monetary policy in the United States, and the negative growth of labor costs is also a positive. Therefore, Germany first relied on the same policy as the US Manufacturing Promotion Act to drive manufacturing. Secondly, the same measures as the US implemented quantitative easing monetary policy led to a negative growth in labor costs, and eventually the German economy also recovered.
Although the manufacturing industry in France is not as good as Germany, it is much better than other EU countries, and the French economy has also picked up.
It is unthinkable to invest 1.00 yuan in the manufacturing industry to create 1.48 times the output value in other industries. Therefore, the United States recovered in 2012, and the EU, led by Germany and France, also recovered in 2013. why? Because the policy is correct, the first encourages manufacturing and the second reduces costs. The United States is reducing the cost of financing, and Germany is reducing labor costs. This is the same goal, and the results have all contributed to the development of manufacturing.

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