Book contents
- Frontmatter
- Contents
- List of Figures
- List of Tables
- Acknowledgements
- Introduction
- 1 Things Fall Apart
- 2 Japan and the Asian Crisis
- 3 The Beam in Our Eyes
- 4 Banking: The Weakest Link
- 5 Washington Consensus and the IMF
- 6 Thailand: The Karma of Globalization
- 7 South Korea: Strong Body, Weak Heart
- 8 Malaysia: The Country That Went Its Own Way
- 9 Indonesia: From Economic to Political Crisis
- 10 Hong Kong: Unusual Times Need Unusual Action
- 11 China: Rise of the Dragon
- 12 From Crisis to Integration
- 13 The New World of Financial Engineering
- 14 What's Wrong with Financial Regulation?
- 15 The Global Financial Meltdown
- 16 A Crisis of Governance
- From Asian to Global Crisis: Chronology of Notable Events
- Abbreviations and Acronyms
- Bibliography
- Index
11 - China: Rise of the Dragon
Published online by Cambridge University Press: 05 June 2012
- Frontmatter
- Contents
- List of Figures
- List of Tables
- Acknowledgements
- Introduction
- 1 Things Fall Apart
- 2 Japan and the Asian Crisis
- 3 The Beam in Our Eyes
- 4 Banking: The Weakest Link
- 5 Washington Consensus and the IMF
- 6 Thailand: The Karma of Globalization
- 7 South Korea: Strong Body, Weak Heart
- 8 Malaysia: The Country That Went Its Own Way
- 9 Indonesia: From Economic to Political Crisis
- 10 Hong Kong: Unusual Times Need Unusual Action
- 11 China: Rise of the Dragon
- 12 From Crisis to Integration
- 13 The New World of Financial Engineering
- 14 What's Wrong with Financial Regulation?
- 15 The Global Financial Meltdown
- 16 A Crisis of Governance
- From Asian to Global Crisis: Chronology of Notable Events
- Abbreviations and Acronyms
- Bibliography
- Index
Summary
Chinese history since the Opium War is a series of continual efforts at readjustment to meet this challenge [of] a merger of China's cultural tradition, developed on a huge continent, with this oceanic influence [of Western capitalism].
~ Ray HuangWhat was China's role during the Asian crisis?
In May 2007 a Financial Times editorial stated that the real lesson of Asia's financial crisis was that China's rise meant that ASEAN never fully recovered from the 1997–98 Asian crisis. The editorial noted that with the exception of South Korea, the crisis-hit economies have been growing at about two percentage points lower than they did before 1997. It was thought that this was due to the rise of China as ‘a vast new competitor with an almost limitless capacity to sell at a lower price’.
This is a familiar story surrounding the Asian crisis – either blame the victim (an internal cause) or blame the global architecture (the external story). The truth is not so simple, because both internal and external causes interacted to create the crisis. China had a role in the Asian crisis, but it was a positive one, not negative. The big picture would tell the story.
- Type
- Chapter
- Information
- From Asian to Global Financial CrisisAn Asian Regulator's View of Unfettered Finance in the 1990s and 2000s, pp. 278 - 302Publisher: Cambridge University PressPrint publication year: 2009