The Global Financial Crisis has brought eminent, negative economic and social impacts on China since late 2008, including a considerable decline in GDP growth and a rapid rise in unemployment. Drawing on the published literature and official statistical data, this paper examines the social consequences of the Global Financial Crisis in China, explores various policy initiatives taken by the Chinese government and assesses the effectiveness of these policy initiatives. It argues that the Global Financial Crisis has led to high levels of enterprise bankruptcy and job losses in China. Rural migrant workers and new university graduates are the two social groups most adversely affected. The economic stimulus package and expanded social programmes tend to be short term and economic oriented. Whether the policy initiatives have been effective in mitigating the social impacts of this crisis and correcting the structural imbalance of China's economy is unclear. The paper concludes by suggesting that a new policy approach should be taken to timely and effectively address the negative social impacts of the Global Financial Crisis on China, in particular by providing a more inclusive and comprehensive social safety net, prioritizing employment generation, and addressing housing deficits.

2008年底的國際金融危機為中國帶來顯著和負面的經濟和社會影響，包括大幅度下降的國內生產總值增長和失業率激增。借鑒已出版的文獻和官方的統計數據，本文探討國際金融危機對中國的社會影響，探索中國政府所采取的各項政策措施，並評估其成效。文章認為國際金融危機導致大量的中國企業破產和職位流失；當中，農民工和應屆大學畢業生成為最受影響的兩大社群。可是，刺激經濟計劃和推動的社會項目往往是短期和經濟取向的，這些政策措施是否能緩解這場危機的社會影響和扭轉中國經濟的結構性失衡仍未可知。文章的結論提出應該通過一套新的政策方針，及時有效地應對國際金融危機對中國的負面社會影響，尤其是提供一個更具包容性和全面的社會安全網、優先創造職位、以及解決住房短缺的問題。

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