Lessons we should learn from the Asian financial crisis  In July ten years ago, the attack on Thai Baht by the international hot-money triggered a large scale financial crisis, which severely damaged the economies of Thailand, Malaysia, Indonesia, Japan, Korea, and China’s Hongkong SAR and Taiwan province, and pulled Asian countries into an economic and social turmoil.
Reflecting on the reasons behind Asian financial crisis ten years later, we find lessons in many aspects. (1)  A country’s financial opening-up must suit status quo of its financial system. Sound domestic financial system and healthy operations of the enterprises are the micro basis to forestall external shocks, thus we should effectively combine the processes of opening-up and internal reform.