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Why China survived the financial crisis
Shalendra D. Sharma

strategy of “crossing the river by groping for stepping-stones” have been the 253 The Asian financial crisis catalyst behind China’s phenomenal economic growth. The core of this strategy has been “decentralization.” In the Chinese context, decentralization has meant, on the one hand, devolving the power of decision-making from the central to local governments, and on the other hand, from planning authorities to state-owned enterprises. It is widely recognized that the devolution of government power and authority from the central to sub-national or local governments (the

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

tell if devolution fulfills its ostensible goals. By mid-2000, President Abdurrahman Wahid had squandered his political capital. In August 2000 he was censured by parliament, and only survived in office by apologizing. In February 2001 he once again received a parliamentary censure – which was supported by 86 per cent of legislators in the House of Representatives (DPR). Supposedly at issue was his implication in two financial scandals and his alleged refusal to acknowledge the DPR as his constitutional equal. Tainted with corruption and politically isolated, Wahid

in The Asian financial crisis