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Twenty-five years ago, many east Asian economies were hit hard by the Asian financial crisis. Through heartbreaking experiences and hard work, these economies, including China, survived, learned their lessons and stepped up resilience, individually and as a whole. Today, they thrive as a global engine for growth. But what we need to learn from that crisis is still relevant. Lou Jiwei, former Chinese minister in the Ministry of Finance, says China will stick to opening up and upholding multilateralism. Meanwhile, the U.S., which prides itself on being a market economy, carries out a policy to fund American chipmakers as long as they steer clear of China. Is that the behavior of a market economy?

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