REFERENCE NEWS NETWORK REPORTED ON SEPTEMBER 26TH THAT THE FINANCIAL TIMES WEBSITE PUBLISHED AN ARTICLE TITLED "THE NEXT FINANCIAL CRISIS MAY COME SOON" ON SEPTEMBER 24TH, WRITTEN BY GILLIAN TATE. THE ARTICLE POINTS OUT THAT CONCERNS ABOUT THE FINANCIAL CRISIS HAVE DAMPENED BUSINESS SENTIMENT, AND PERHAPS THE TROUBLES IN THE FINANCIAL INDUSTRY EXISTED BEFORE THE PANDEMIC. THE ARTICLE EXCERPT IS AS FOLLOWS:WHAT DO YOU THINK IS THE PROBABILITY OF A NEW FINANCIAL CRISIS OCCURRING? THIS MONTH, DATA PROCESSING EXPERTS FROM OXFORD ECONOMICS CONSULTING IN THE UK RAISED THIS QUESTION TO 162 GLOBAL COMPANIES. ON AVERAGE, THEY BELIEVE THE PROBABILITY OF A NEW FINANCIAL CRISIS OCCURRING IN THE NEXT TWO YEARS IS 20%.THIS PROBABILITY IS TWICE THE RISK OF THE SECOND WAVE OF COVID-19 EPIDEMIC IN THE WORLD. SADLY, IT IS ALSO TWICE THE PROBABILITY OF AN EARLY EFFECTIVE VACCINE.THESE CONCERNS HAVE ALREADY HAD TANGIBLE CONSEQUENCES: IN THIS MONTH'S OXFORD SURVEY, THEY HAVE LOWERED BUSINESS SENTIMENT BELOW THE LEVEL SUPPORTED BY HARD DATA. OUR ANALYSIS SHOWS THAT CONCERNS ABOUT THE FINANCIAL CRISIS ARE THE MAIN CAUSE OF PESSIMISM, "SAID JAMIE THOMPSON, THE ECONOMIST IN CHARGE OF THE SURVEYTHIS SHOULD CONCERN INVESTORS, ALTHOUGH NOT BECAUSE A FINANCIAL CRISIS COULD SUDDENLY ERUPT RIGHT NOW - AT LEAST NOT IN THE HIGHLY PUBLICIZED MANNER OF 2008. THERE ARE AT LEAST TWO FACTORS THAT CAN REDUCE THIS RISK.FIRSTLY, THE FEDERAL RESERVE AND OTHER CENTRAL BANKS HAVE MADE IT CLEAR THAT THEY WILL MAKE "EVERY EFFORT" TO KEEP THE MARKET RUNNING DURING THE PANDEMIC. THE SITUATION IN MARCH IS AN APPROPRIATE EXAMPLE: WHEN THE US TREASURY BOND BOND MARKET WAS FROZEN, THE FEDERAL RESERVE QUICKLY STEPPED IN AND PROVIDED EXTRAORDINARY LIQUIDITY SUPPORT.SECONDLY, BANKS ARE NOT THE SOURCE OF THIS YEAR'S ECONOMIC SHOCK. IN MOST COUNTRIES IN THE UNITED STATES AND EUROPE, THE CAPITAL POSITION OF BANKS IS MUCH BETTER THAN IT WAS IN 2008. SENIOR FEDERAL RESERVE OFFICIAL RANDALL QUARLES SAID, "LARGE US BANKS ENTERED THIS CRISIS IN GOOD CONDITION, AND THE FED HAS TAKEN MANY IMPORTANT MEASURES TO HELP ENHANCE THEIR RESILIENCE." OR AS FINANCIAL DATA GROUP MORNINGSTAR HAS PUT IT, "THE RISK OF BANKRUPTCY AND CAPITAL CRISIS IN THE US FINANCIAL SYSTEM SEEMS MUCH LOWER THIS TIMEHOWEVER, THERE IS A PROBLEM HERE: FINANCIAL CRISES DO NOT ALWAYS OCCUR IN THE SAME WAY AS THE COLLAPSE OF LEHMAN BROTHERS. SOMETIMES, FINANCIAL PRESSURE CAN MANIFEST IN A MORE SUBTLE WAY. PURISTS MAY ARGUE NITPICKING WHETHER THIS SITUATION CAN BE CONSIDERED A 'CRISIS'. BUT THE KEY IS THAT LONG-TERM PRESSURE MAY LEAD TO GRADUAL ECONOMIC DECLINE, AS RECOGNIZED BY RESPONDENTS IN THE OXFORD SURVEY.AS CARMEN REINHART, THE CHIEF ECONOMIST OF THE WORLD BANK, MENTIONED, ONE OF THE PROBLEMS THAT PLAGUED THE FINANCIAL INDUSTRY WAS THAT MANY INSTITUTIONS HAD HIGH LEVERAGE BEFORE THE COVID-19 EPIDEMIC. SHE SAID AT AN ONLINE SEMINAR, "IF WE EXAMINE THE FRAGILITY OF THE FINANCIAL SECTOR, IT IS DIFFICULT TO BE OPTIMISTIC IN THE LONG RUNWHAT'S MORE, WHEN COVID-19 CONTINUES TO RAGE, IT IS STILL IMPOSSIBLE TO CALCULATE THE SCALE OF CREDIT LOSSES CAUSED BY THE EPIDEMIC, ESPECIALLY BECAUSE THE GENERALLY IMPLEMENTED POLICY OF DELAYING LOAN REPAYMENT WILL COVER MOST OF THE LOSSES. ALTHOUGH BANKS ARE NOT THE SOURCE OF THE CRISIS, THEY CANNOT EXPECT TO BE UNAFFECTED. THE CURRENT LIQUIDITY STAGE OF THE CRISIS IS GIVING WAY TO THE SOLVENCY STAGE, AND BANKS WILL UNDOUBTEDLY BEAR THE MAIN PRESSURE, "SAID SHEN XUANSONG, AN ECONOMIST AT THE BANK FOR INTERNATIONAL SETTLEMENTS