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(yīng)對(duì)亞洲金融危機(jī)

1997年夏，亞洲爆發(fā)了罕見的金融危機(jī)，大多數(shù)經(jīng)濟(jì)體的貨幣和資產(chǎn)價(jià)值跌落了30%～40%，銀行和企業(yè)陷入了空前的困境。到1998年，危機(jī)繼續(xù)蔓延和深化，并波及俄羅斯和拉美等國(guó)家和地區(qū)，引發(fā)了全球匯市、股市大波動(dòng)和一些國(guó)家的政局動(dòng)蕩。

中國(guó)由于實(shí)行比較謹(jǐn)慎的金融政策和此前采取的一系列防范措施，在危機(jī)中未受到直接沖擊，金融和經(jīng)濟(jì)繼續(xù)保持穩(wěn)定。為緩解亞洲金融危機(jī)，中國(guó)政府采取了一系列積極政策，展示了中國(guó)的責(zé)任與擔(dān)當(dāng)。

一是積極參與國(guó)際貨幣基金組織對(duì)亞洲有關(guān)國(guó)家的援助，在其框架內(nèi)并通過雙邊渠道，向泰國(guó)等國(guó)提供了總額超過40億美元的援助，向印尼等國(guó)提供了出口信貸和緊急無(wú)償藥品援助。

二是中國(guó)政府本著高度負(fù)責(zé)的態(tài)度，從維護(hù)地區(qū)穩(wěn)定和發(fā)展大局出發(fā)，承受了巨大壓力，付出了很大代價(jià)，做出了人民幣不貶值的決定，對(duì)亞洲乃至世界金融、經(jīng)濟(jì)的穩(wěn)定和發(fā)展起到了重要作用。

三是在堅(jiān)持人民幣不貶值的同時(shí)，中國(guó)政府采取努力擴(kuò)大內(nèi)需、刺激經(jīng)濟(jì)增長(zhǎng)的政策，保持了國(guó)內(nèi)經(jīng)濟(jì)的健康和穩(wěn)定增長(zhǎng)，對(duì)緩解亞洲經(jīng)濟(jì)緊張形勢(shì)、帶動(dòng)亞洲經(jīng)濟(jì)復(fù)蘇發(fā)揮了重要作用。

四是中國(guó)與有關(guān)各方協(xié)調(diào)配合，積極參與和推動(dòng)地區(qū)和國(guó)際金融合作。中國(guó)利用亞太經(jīng)濟(jì)合作組織第六次領(lǐng)導(dǎo)人非正式會(huì)議、東盟—中、日、韓及東盟—中國(guó)領(lǐng)導(dǎo)人非正式會(huì)晤等地區(qū)多邊場(chǎng)合，提出中國(guó)主張，與有關(guān)各方協(xié)調(diào)配合，積極參與和推動(dòng)地區(qū)和國(guó)際金融合作。