China in the Asian Financial Crisis

1st Edition

Peter Nolan

Routledge
July 22, 2020 Forthcoming
Reference - 368 Pages
ISBN 9780415303729 - CAT# RU48043
Series: Routledge Studies on the Chinese Economy

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Summary

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.

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