This book is based on the papers presented and discussions held at a high-level regional workshop organized by the Asian Development Bank in January 2010 to discuss the impact of the global economic and financial crisis on developing Asia. It provides a clear and thought-provoking analysis of the global economic crisis from the perspective of 19 Asian countries.

The papers present concrete ways in which Asian economies and financial systems can be made more responsive and resilient. The book proposes that Asian economies can capitalize on the global economic crisis by using it as an opportunity to move from crisis management to gradually assuming global economic leadership. It spells out a general framework for strengthening recovery efforts, ensuring inclusive growth and open regionalism, rebalancing Asia's growth model, and creating greater regional cooperation for a prosperous and resilient Asia.

This is perhaps the first ever book in the market to undertake an in-depth discussion about the impact and the long-term implications of the global financial crisis on economies in Asia.

Impact and Policy Responses: People's Republic of China

Impact and policy responses: People's Republic of China
ManuBhaskaran and RitwickGhosh

Introduction and Summary

Financial and trade transmission mechanisms increased the People's Republic of China's vulnerability to the global crisis. Despite this, the PRC has come through the global crisis in better shape than many forecasters had expected.

This remarkable resilience can be traced to a system which allows swift policy responses that are transmitted into the real economy with a relatively short time lag.

As a result, the signs point toward the PRC's economic growth surging very strongly next year. We believe that the risks to economic growth are now low. The greater risks that the PRC faces are now related to the unintended consequences of successful policy actions. Inflationary expectations ...

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