It is important, Yeo said, for China to gain membership in the World Trade Organization, but the terms of entry have to be fair. So far, however, China has been acting responsibly. Its response to the East Asian economic crisis, particularly its providing financial assistance to Thailand and Indonesia, has been reassuring. But China cannot take a solo leadership role and must work with other players. Concluding his presentation, Yeo said that the crisis is partly the failure of global leadership.
Strong leadership can reduce the scope and depth of the problems.
But if Japan goes into recession and drags the whole world along with it, he said, forces against globalization are likely to emerge. If we get to that scenario, China may not be able to prevent it from happening, but its leadership could help. In his presentation, Jing reviewed China's position as a result of the economic crisis. The economy is not directly affected. But China is going to pay a cost for holding the line on the renminbi to ensure stability in Hong Kong and the region.