Contents -- List of Contributors -- Introduction by ZHENG Yongnian and Sarah Y TONG -- 1. China's Economy 2008 and Outlook for 2009: Crisis of a Sharp Slowdown by John WONG -- PATTERN OF GROWTH REMAINS -- HOW WILL THE ECONOMIC TONIC WORK? -- 2. Recession Averted? China's Domestic Response to the Global Financial Crisis by YANG Mu and LIM Tin Seng -- EFFECTS OF THE GLOBAL FINANCIAL CRISIS ON CHINA'S ECONOMY -- OPTIMISM AMID SLOWDOWN -- DOMESTIC DEMAND AS A SOURCE OF GROWTH -- CHINA'S STRONG FISCAL POSITION -- LOOSENING MONETARY POLICIES -- CHINA'S BUSINESS CYCLE -- EARLY SIGNS OF RECOVERY AND THE ROAD AHEAD -- 3. China's Decisive Response to the Economic Crisis Bears Fruits by Sarah Y. TONG -- CENTRAL GOVERNMENT'S POLICY INITIATIVES -- THE LOCAL GOVERNMENTS' RESPONSES -- EFFECTIVENESS OF THE STIMULUS MEASURES -- 4. Pearl River Delta in a Crisis of Industrialisation by HUANG Yanjie and CHEN Shaofeng -- CAUSES OF THE CRISIS: INDUSTRIAL DEVELOPMENT IN PRD IN RETROSPECT -- GOVERNMENT POLICIES VIS-À-VIS THE CURRENT CRISIS -- ASSESSMENT OF EXTERNAL SHOCKS -- LONG-TERM PROSPECTS FOR INDUSTRIAL RESTRUCTURING -- APPENDIX -- 5. Impact of the Global Economic Crisis on the Pearl River Delta and Yangtze River Delta Regions by YU Hong -- DIFFERING PATHS TO INDUSTRIAL DEVELOPMENT -- IMPACT OF THE GLOBAL ECONOMIC CRISIS -- GOVERNMENT AGENDAS TO FIGHT THE CRISIS IN THE TWO DELTAS -- Similarities in Anti-crisis Policies -- Differences in Anti-crisis Policies -- DIFFERENT CHALLENGES AHEAD FOR THE TWO DELTAS -- Regional Cooperation within the YRD Region -- Industrial Upgrading in the PRD Region -- APPENDIX 1 -- APPENDIX 2 -- 6. Taiwan's Economy in the Financial Crisis and Its Outlook by ZHAO Hong -- MAIN ATTRIBUTES OF THE ECONOMIC RECESSION -- GOVERNMENT'S COUNTER-RECESSION MEASURES -- Implementing Stimulus Programmes -- Improving Cross-Strait Relations.

Taiwan's Economy to Benefit from Improving Cross-Strait Relations -- CAN TAIWAN'S ECONOMY RECOVER SOON? -- 7. Hong Kong's Economy on the Road to Recovery? by ZHANG Yang -- MAIN ATTRIBUTES OF THE ECONOMIC SLOWDOWN -- GOVERNMENT'S COUNTER-CYCLICAL MEASURES -- OUTLOOK FOR 2009 AND RECENT DEVELOPMENT -- ECONOMIC INTEGRATION WITH MAINLAND CHINA -- 8. Financial Crisis Offers Respite for the Macao Economy by ZHANG Yang and Fung KWAN -- ECONOMIC GROWTH SLOWING SHARPLY -- THE NEED TO DIVERSIFY MACAO'S ECONOMY -- 9. China's Trade Prospects and China-ASEAN Trade Relations by Sarah Y. TONG and CHONG Siew Keng -- CHINA-ASEAN TRADE AFFECTED CONSIDERABLY -- EXTERNAL ENVIRONMENT AND GOVERNMENT POLICY MEASURES -- APPENDIX 1 -- APPENDIX 2 -- APPENDIX 3 -- APPENDIX 4 -- 10. Sino-South Korean Bilateral Trade in the Current Economic Crisis by ZHOU Shengqi -- DEVELOPMENT IN BILATERAL TRADE -- GROWING COMPETITION BETWEEN THE TWO COUNTRIES -- BILATERAL TRADE IN ECONOMIC CRISIS -- BILATERAL FTA: A PREFERRED CHOICE -- APPENDIX 1 -- APPENDIX 2 -- APPENDIX 3 -- APPENDIX 4 -- Historical and Territorial Spats Between China and South Korea -- 11. Ascendance of China's New Left Amidst the Global Financial Crisis by BO Zhiyue and CHEN Gang -- GLOBAL FINANCIAL CRISIS AND NEOLIBERALISM IN CHINA -- NEW LEFT IN CHINA -- DEBATE ON "UNIVERSAL VALUES" -- POLICY AND IDEOLOGICAL IMPLICATIONS -- 12. Will Social Stability in China be Undermined in the Financial Crisis? by ZHAO Litao and HUANG Yanjie -- THE PROBLEM OF UNEMPLOYMENT -- Migrant Workers -- College Graduates -- GOVERNMENT INITIATIVES FOR 2009 -- RISING PROTESTS, BUT POLITICALLY MANAGEABLE -- 13. The International Financial Crisis and China's External Response by ZHENG Yongnian and LYE Liang Fook -- CHINA'S CALIBRATED EXTERNAL RESPONSE -- PRESSING INTERNAL PREOCCUPATIONS -- CHALKING UP POLITICAL MILEAGE.

POSSIBLE NEXT STEPS FOR CHINA -- Index.