System reform of China’s capital market
The Asian fi nancial crisis of 1997 had an impact on the regional and global economies and also affected China’s own economy. At that time, China’s capital market had not yet opened to the outside market on a large scale. The crisis, therefore, did not wreak havoc on China’s economy. The crisis did, however, take a limited direct toll on China’s capital market by way of listed companies. The entire capital market was nevertheless affected indirectly.