ABSTRACT
The ‘three Chinas’ (China, Taiwan and Hong Kong) can claim to have coped relatively well with the Asian economic crisis and its political ramifications-at least so far. None was in the immediate firing-line since none suffered from excessive short-term foreign debts or major budget deficits, and each had amassed huge foreign-currency reserves. Yet the responses of all three have differed markedly, reflecting the particularities of their economic and political situations, and each has encountered special difficulties arising out of the economic storms that have battered the region.
