Wu Zhong writes in the Asia Times:
China’s financial system, even after three decades of reforms, remains pretty much closed by standards of a free economy. In consequence, it has been less savaged than many other countries as the financial crisis has rippled out from the United States to Europe and more or less the rest of the world.
That crisis lapping at its borders and the sight of the “systemic risk” in the financial system in the free economic world, with the US in the van, will inevitably encourage China to slow down on the reform path that was leading to further deregulation and opening up its financial markets.
