Stuart Gulliver: China's measured reform

I was fortunate enough to feature in the first edition of FinanceAsia in 1996. At the time, I was in Hong Kong, building out our recently-formed HSBC Markets business in Asia, and flying regularly to Beijing to meet with officials as China’s reform process gained momentum. Two years later, I found myself working closely with the Hong Kong Monetary Authority and central banks around the region to stabilise markets and currencies as the Asian financial crisis erupted.

China’s relatively closed economy and financial system shielded it from the turmoil, but officials had a ringside seat for the events unfolding around them. Across Asia, they saw emerging markets with floating...