The widely held view of the Asian Financial Crisis is that it had
no substantial impact on China. In fact, the country was far more
vulnerable than most people realized, due to the high possibility
of financial contagion entering the system from Hong Kong through
Guangdong province. This book analyzes the severe policy challenge
that it presented for China's leaders. The crisis in Guangdong's
financial institutions provided a forewarning of the difficulties
that lay ahead as China's integration with the global financial
system deepened. The experience of Guangdong in the Asian Financial
Crisis provided a profound lesson for China's policy-makers as they
planned the country's strategy for financial reform in the
following years. China was able to avoid disaster by astute and
difficult policy choices, in the face of fierce pressure from
outside the country, as well as from different domestic interests
at many different levels. The successful resolution of the crisis
provided a breathing space for the leadership. It gave it time to
undertake necessary reforms in the country's financial system in
the decade that followed the crisis.
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