American financial crisis and its impact to Shanghai people in 2007-2008

Abstract

Shanghai is the centre of economy of China and also the most developed city in China. The changes of the life of Shanghai people represent the trend of the life of Chinese citizens now and in the future.

The American financial crisis began in 2007 and it continues as an global economic crisis. The objectives of this research is to study the American economic crisis and its impact to Shanghai people during the years 2007 and 2008.

The thesis consists of two parts. qualitative and quantitative. The qualitative part studies the background of American financial crisis and how it effected on China’s economy. The qualitative data was mainly collected from publications and internet. For the quantitative part, the main approach used was to make a survey of 125 Shanghai people, who represented in several vocations.

The results from the research showed that the American financial crisis did effect on Shanghai people in various aspects. They faced challenges of searching job, lower salary, unstable stock market, unsatisfied with the model of financial management and insufficient confidence in China’s economy. The results were obtained by researching the subprime mortgage, China’s economy, and attitudes of Shanghai people.