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The connotations of the East Asian economic model may be discussed on the basis of three aspects. First, it is the concept of a market-economy management method as represented by Japan, a sort of market economy of the government-guided pattern (zhengfu zhudao xing de shichang jingji tizhi). Second, it is the concept of a market-economy development orientation (shichang jingji fazhan daoxiang), a kind of outward-oriented economy with foreign trade growth as its guiding mechanism. Third, it places extremely great importance on the productive forces, especially on those of the mother country. Japan's modernization began with traditional industries and step by step developed toward the high-end technology and information industries that created a large number of world-class enterprises and brand names. The same thing goes for South Korea. In these three respects, the first connotation is subordinate to the second; in other words, the market economy of the government-guided pattern serves the strategy of the o...

The Southeast Asian financial crisis has become a worldwide hot point of attention, and people everywhere are turning their eyes toward China. China and the Southeast Asian countries—Thailand, Malaysia, Indonesia, and the Philippines—all face the urgent task of developing their economies and of raising their peoples' living standard, and they must have ample investment of funds if they are to maintain a relatively high rate of economic growth. However, one point shared by China and the Southeast Asian countries is that all are very short of funds. Under these circumstances, will a financial crisis occur in China? In my opinion, this is not a zero possibility, for hazards do exist in the domain of China's international financing.