China in the Asian Financial Crisis

By:

Peter Nolan

Format:

Paperback / softback

Series:

Routledge Studies on the Chinese Economy

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Description

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.

Author Biography:

Peter Nolan is Founding Director, Centre of Development Studies, University of Cambridge and Director, China Centre, Jesus College, Cambridge.

Release date NZ

January 9th, 2023

Author

Peter Nolan

Audiences

Professional & Vocational
Tertiary Education (US: College)

Illustrations

18 Tables, black and white

Pages

340

Series

Routledge Studies on the Chinese Economy

ISBN-13

9780367523398

Product ID

36077284

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