The Enlightenment And Financial Reform Of The East Asia Areas After Asia Financial Crisis

People still remember the Asia financial crisis that broke out in 1997. Because the financial crisis took place near our country and they have similar backgrounds with our country, we took it seriously. China is a developing country and since we resemble the East Asia countries in many places, we can learn a lesson from their experience.The paper first analyzed the reason why the financial crisis happened in East Asia countries and areas. Through the analysis of the character of their financial system, we discussed the function they played in specifically economic time and the limitation they have now. Then we analyzed the innovative measure that the countries took, and summarized the achievement and the shortage of their reform. We made a conclusion about the revelation we get from them as following; first we should push financial system reform with proper speed. Second we should extend the scope of financial operation, deepen the reform of state-owned commercial banks. The third we should set up a system to tackle the bad debts of commercial bank. The fourth we would encourage financial innovation of different levels. The fifth is to reinforce financial supervision and guard against financial risk. On the base of the things above, we analyzed the financial system of our country and found the problems existed in the system, including the disfigurement in financial system and the problem happened when the system in use. We think that on the trend of globalization, our state-owned commercial bank should rebuild the structure of the property right, and build modern commercial bank. Second we should realize the change from single operation to multi-operation step by step. The third we should push commercial bank to international course. And the fourth is to set up modern commercial bank operation system in time. At the same time, we should develop none state-owned bank system and strengthen financial supervision. So in this moment we should change the mind of financial system reform initiatively and accelerate the step of the financial reform of our country.