This book examines China’s response to the Asian financial crisis of 1997, both in its immediate aftermath and in the years since. The crisis caused turmoil throughout Asia’s economies, and precipitated wholesale reform of economic and financial policies and institutions across the region. As one of Asia’s largest economies, China responded to the crisis more successfully than many others, avoiding devaluation of its currency, whilst undertaking financial reform, restructuring state-owned enterprises, rural development, and social security systems. This book considers all of these issues, showing how the lessons drawn from the crisis have helped shape China’s policies of liberalisation and market-orientated reform, including its attitude towards globalisation and the outside world in general. Based on research conducted by the China Development Research Foundation, one of China’s leading think-tanks, this book includes contributions from senior policy makers in the Chinese government and some experts participating directly in the government’s policy-making process to assess the effects generated by the country’s related policies, making it an indispensable account of China’s own thinking on its response to the financial crisis.

The contributors to this book argue vigorously that processes of globalisation are driven by complex political forces and that it is not enough to look at economic factors in isolation.

This book examines the foundations of China’s grand strategy as it is critical to any assessment of current and future Chinese regional and global strategic behavior, especially Beijing’s policies toward the USA. This eclectic study aims to analyze the current Chinese and American flexible grand strategies, based on present complexity and disorder. It identifies the major building blocks of both strategies, their major material, and ideational drivers and assesses how they might evolve in the future. Additionally, the author looks at China’s relations with important international players such as Russia, ASEAN, UN, EU, and BRICS.

A case for why regionalization, not globalization, has been the biggest economic trend of the past forty years The conventional wisdom about globalization is wrong. Over the past forty years as companies, money, ideas, and people went abroad more often than not, they looked regional rather than globally. O’Neil details this transformation and the rise of three major regional hubs in Asia, Europe, and North America. Current technological, demographic, and geopolitical trends look only to deepen these regional ties. O'Neil argues that this has urgent implications for the United States. Regionalization has enhanced economic competitiveness and prosperity in Europe and Asia. It could do the same for the United States, if only it would embrace its neighbors.

The book is a project of United Service Institution of India.

This book examines China’s response to the 2007-2008 global financial crisis, and the resulting new status acquired by China within the international economy. It considers the things China did to weather the crisis, discussing the stimulus package put in place by China and how China’s banks coped, but above all examines the measures which countries outside China look to China to put in place in order to better encourage and secure world-wide economic recovery, measures such as currency revaluation, tax reform and greater stimulation of domestic demand. The book contrasts China’s response to the crisis, and China’s increasingly central role in the world economy, with the responses of the European Union. The book also assesses China’s increasingly important regional role, in particular its dialogue with the new Japanese government, and China’s positioning towards Southeast Asia, and also discusses the growth of Chinese foreign direct investment.

In a single generation, the rise of Asia has precipitated a dramatic sea change in the world’s economic and political orders. This reconfiguration is taking place amidst a host of deepening global predicaments, including climate change, migration, increasing inequalities of wealth and opportunity, that cannot be resolved by purely technical means or by seeking recourse in a liberalism that has of late proven to be less than effective. The present work critically explores how the pan-Asian phenomenon of Confucianism offers alternative values and depths of ethical commitment that cross national and cultural boundaries to provide a new response to these challenges. When searching for resources to respond to the world’s problems, we tend to look to those that are most familiar: Single actors pursuing their own self-interests in competition or collaboration with other players. As is now widely appreciated, Confucian culture celebrates the relational values of deference and interdependence—that is, relationally constituted persons are understood as embedded in and nurtured by unique, transactional patterns of relations. This is a concept of person that contrasts starkly with the discrete, self-determining individual, an artifact of eighteenth- and nineteenth-century Western European approaches to modernization that has become closely associated with liberal democracy. Examining the meaning and value of Confucianism in the twenty-first century, the contributors—leading scholars from universities around the world—wrestle with several key questions: What are Confucian values within the context of the disparate cultures of China, Japan, Korea, and Vietnam? What is their current significance? What are the limits and historical failings of Confucianism and how are these to be critically addressed? How must Confucian culture be reformed if it is to become relevant as an international resource for positive change? Their answers vary, but all agree that only a vital and critical Confucianism will have relevance for an emerging world cultural order. An electronic version of this book is freely available thanks to the support of libraries working with Knowledge Unlatched, a collaborative initiative designed to make high-quality books open access for the public good. The open-access version of this book is licensed under Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0), which means that the work may be freely downloaded and shared for non-commercial purposes, provided credit is given to the author. Derivative works and commercial uses require permission from the publisher.

China is a country in the midst of a transition which is inscrutable to almost all observers. The leadership has changed from the 'old guard' to the 'new guard' with hardly a slip. Capitalism is roaring but somehow at the same time doesn't exist. The economy is booming in virtually all areas. The military is growing more powerful each year, many industries are at world level, and China is taking more and more steps to join the international community while being sure as she doesn't snuggle up too closely. Still, with a population of 1.3 billion and staggering poverty in the rural areas making up the vast part of the country, the face of China remains centuries old. Where she goes, nobody knows. This series examines the issues, policies and progress of China's transition.

The Routledge Handbook of Banking and Finance in Asia brings together leading scholars, policymakers, and practitioners to provide a comprehensive and cutting-edge guide to Asia’s financial institutions, markets, and systems. Part I provides a country-by-country overview of banking and finance in East, Southeast, and South Asia, including examples from China, Japan, Hong Kong, India, and Singapore. Part II contains thematic chapters, covering topics such as commercial banking, development banking, infrastructure finance, stock markets, insurance, and sovereign wealth funds. It also includes examinations of banking regulation and supervision, and analyses of macroprudential regulation, capital flow management measures, and monetary policy. Finally, it provides new insights into topical issues such as SME, green, and Islamic finance. This handbook is an essential resource for scholars and students of Asian economics and finance and for professionals working in financial markets in Asia.

The Asian financial crisis of 1997–98 was devastating for the region, but policymakers at least believed that they gained a great deal of knowledge on how to prevent, mitigate, and resolve crises in the future. Fifteen years later, the Asian developing countries escaped the worst effects of the global crisis of 2008–10, in part because they had learned the right lessons from their own experience. In this important study, the Asian Development Bank and Peterson Institute for International Economics join forces to illuminate the con¬trast between Asia’s performance during the more recent crisis with its performance during its own crisis and the gap between what the United States and European Union leaders recommended to Asia then and what they have practiced on themselves since then. The overriding lessons emerging from the essays in this volume are that countries need to prepare for crises as if they cannot be prevented, make room for stabili¬zation policies and deploy them rapidly when crises hit, and address the need for self-insurance globally if they can, or regionally if they must. Contributors include Simon Johnson, William R. Cline, Joseph E. Gagnon, Stephan Haggard, Masahiro Kawai, Peter Morgan, Donghyun Park, Arief Ramayandi, Kwanho Shin, Edwin M. Truman, Shahin Vallee, Changyong Rhee, and Lea Sumulong