Several weeks after the US financial crisis really burst out. I tend to use Monday, Sept 15, 2008, the day Lehman Bros announcing bankruptcy, and Merrill Lynch’s sold out as my indicator of the big storm in US. I was luckily (or unluckily) in US at that time. At that time, almost everyone I talked with concerned about the crisis, and talked about the impact to them, to their firm, or to the country.
In China, there is no big tangible impact in daily life yet. The real estate price was impacted a little bit, but just from the real estate developer side. The newly built house price drops a little bit, but for second hand, there is no direct change yet (I mean the area I live in Shanghai). The increase of grocery and other daily goods are there for a long time already. Banks are still stable, and I don’t think people worry about any bankruptcy in China yet. In contrast, during my dinner with Microsoft friends, they were worried about their money in Washington Mutual Bank, which turned out to be valid concerns. In China, there is no such worry, YET.
I will continue to report about the reaction in China, from the daily life perspective.