China's response to the Asian financial crisis

A rare financial crisis hit Asia in summer of 1997. The currencies and stock values of most economies plummeted by 30-40 percent, and their banks and businesses were threatened with collapse. The crisis spread and worsened by 1998, and even affected Russia and Latin America, triggering big fluctuations in global exchanges and stock markets and resulting in political turmoil in some countries.

Thanks to its relatively prudent financial policies and the preventive measures it took, China did not suffer a direct impact from the crisis, but maintained stability in its economy and finances. The Chinese government took a series of pro-active policies in response to the crisis, and this demonstrated its sense of responsibility.

First, China actively joined the IMF assistance program, and within its framework and through bilateral channels provided over US$4 billion worth of assistance to Thailand and other countries, and export credit and urgent and free medicine provision to Indonesia and other countries.

Second, to maintain regional stability and promote Asian development, the Chinese government took a responsible attitude and decided not to let the Renminbi depreciate. This was a hard decision made under huge pressure and came at a high cost to China. It was vital to the financial stability and economic development of Asia and the whole world.

Third, in addition to not depreciating its own currency, the Chinese government adopted measures to expand domestic demand and stimulate economic growth, which ensured a healthy and steady economic growth, and helped relieve tension in Asia and enable an economic recovery.

Fourth, China worked with the parties concerned and joined and promoted regional and international financial cooperation, and put forward proposals at the Sixth APEC Economic Leaders’ Meeting, ASEAN and China, Japan and ROK (10+3), ASEAN-China Summit and other multilateral events.

應對亞洲金融危機

1997年夏，亞洲爆發了罕見的金融危機，大多數經濟體的貨幣和資產價值跌落了30%～40%，銀行和企業陷入了空前的困境。到1998年，危機繼續蔓延和深化，并波及俄羅斯和拉美等國家和地區，引發了全球匯市、股市大波動和一些國家的政局動蕩。

中國由于實行比較謹慎的金融政策和此前采取的一系列防范措施，在危機中未受到直接沖擊，金融和經濟繼續保持穩定。為緩解亞洲金融危機，中國政府采取了一系列積極政策，展示了中國的責任與擔當。

一是積極參與國際貨幣基金組織對亞洲有關國家的援助，在其框架內并通過雙邊渠道，向泰國等國提供了總額超過40億美元的援助，向印尼等國提供了出口信貸和緊急無償藥品援助。

二是中國政府本著高度負責的態度，從維護地區穩定和發展大局出發，承受了巨大壓力，付出了很大代價，做出了人民幣不貶值的決定，對亞洲乃至世界金融、經濟的穩定和發展起到了重要作用。

三是在堅持人民幣不貶值的同時，中國政府采取努力擴大內需、刺激經濟增長的政策，保持了國內經濟的健康和穩定增長，對緩解亞洲經濟緊張形勢、帶動亞洲經濟復蘇發揮了重要作用。

四是中國與有關各方協調配合，積極參與和推動地區和國際金融合作。中國利用亞太經濟合作組織第六次領導人非正式會議、東盟—中、日、韓及東盟—中國領導人非正式會晤等地區多邊場合，提出中國主張，與有關各方協調配合，積極參與和推動地區和國際金融合作。