Li Keqiang, China’s premier, believes Asian economies will not see a repeat of the 1997 Asian financial crisis as a consequence of the market turmoil raging in countries such as India and Indonesia.
Writing in Monday’s Financial Times, Mr Li said the talk of an end to the ultra-loose central bank policies of the US had taken a toll on equity and currency markets throughout the region, leading to fears that Asia could face a crisis similar to that in the late 1990s.
“In my view, Asian countries have learnt lessons from their past experiences and significantly enhanced their capabilities to fend off risks,” Mr Li writes. “China is confident that Asian countries are now better placed to cope.”
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