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.
应对亚洲金融危机
1997年夏，亚洲爆发了罕见的金融危机，大多数经济体的货币和资产价值跌落了30%～40%，银行和企业陷入了空前的困境。到1998年，危机继续蔓延和深化，并波及俄罗斯和拉美等国家和地区，引发了全球汇市、股市大波动和一些国家的政局动荡。
中国由于实行比较谨慎的金融政策和此前采取的一系列防范措施，在危机中未受到直接冲击，金融和经济继续保持稳定。为缓解亚洲金融危机，中国政府采取了一系列积极政策，展示了中国的责任与担当。
一是积极参与国际货币基金组织对亚洲有关国家的援助，在其框架内并通过双边渠道，向泰国等国提供了总额超过40亿美元的援助，向印尼等国提供了出口信贷和紧急无偿药品援助。
二是中国政府本着高度负责的态度，从维护地区稳定和发展大局出发，承受了巨大压力，付出了很大代价，做出了人民币不贬值的决定，对亚洲乃至世界金融、经济的稳定和发展起到了重要作用。
三是在坚持人民币不贬值的同时，中国政府采取努力扩大内需、刺激经济增长的政策，保持了国内经济的健康和稳定增长，对缓解亚洲经济紧张形势、带动亚洲经济复苏发挥了重要作用。
四是中国与有关各方协调配合，积极参与和推动地区和国际金融合作。中国利用亚太经济合作组织第六次领导人非正式会议、东盟—中、日、韩及东盟—中国领导人非正式会晤等地区多边场合，提出中国主张，与有关各方协调配合，积极参与和推动地区和国际金融合作。