ABSTRACT
The outbreak of the US subprime mortgage crisis in 2007 led to global financial turmoil; panic and crisis spread to the real economy, leading to a slowdown in growth and decline in the world’s leading economies. The US gross domestic product (GDP) fell by 2.4 per cent in 2009, the European Union (EU) (27 countries) GDP fell by 4.4 per cent and sparked a European sovereign debt crisis. China ended its two-digit growth and entered a phrase of rapid decline in its growth rate. The external negative impact of the global financial crisis increased the disadvantages of the structural imbalance in the internal structure of each national economy and potential structural problems were also exposed gradually. These structural problems challenged the governments to function macroeconomic control, which in turn pushed the adjustment of economic governance and strengthened the cooperation between countries, so that countries went through the hard times together.
