Word: honge
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...very clear just how little investors [in Asia] had factored in a very steep global slowdown," says Kirby Daley, senior strategist at financial services firm Newedge Group in Hong Kong, where the Hang Seng index fell...
...much of Asia suffered an economic wipeout that makes today's crisis seem like a rounding error. In Indonesia, the currency lost over 80% of its value, long-serving dictator Suharto was driven from office and hundreds of ethnic Chinese were killed in a racist pogrom. Prices in Hong Kong slumped through five years of grinding deflation. The city's stock market dropped more than 50% while property prices fell out the window - down a staggering 70%. South Korea and Thailand suffered similar fates, with plunging currencies, collapsing companies and rising unemployment...
...Surviving a crash isn't just a matter of everyone holding hands. Strong institutions matter. While banks toppled throughout the region, Hong Kong banks, with their conservative internal controls, came through the crisis virtually unscathed. They've been through crises, panics and bank runs before, and they didn't play the financial games that hurt their counterparts in places like Thailand and South Korea...
...Experiment, yes, but don't lose sight of core values - and maintain a commitment to openness and market-friendly policies. To shore up a plunging stock market, Hong Kong's government intervened by buying up blue-chip stocks. A decade later, a government that once prided itself as a bastion of the free market still runs a big portfolio of leftover shares and has occasionally meddled in the economy in ways that have confused businesses and the community at large. And while Malaysia's market interventions helped the country through the crisis, the country never recovered the openness and tolerance...
...What's the biggest misconception Americans have of China? Gloria Lepp, Portland, Ore. Americans still think that people in China are peasantlike and backwards. The other stereotypes are the sword-fighting films, dragon ladies, and triads from Hong Kong. That's why for me it's so important to make movies about the real people...