{
  "id": "98-220",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "98-220",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 103598,
      "date": "1999-03-03",
      "retrieved": "2016-05-24T20:46:32.866941",
      "title": "China's Response to the Global Financial Crisis: Implications for U.S. Economic Interests",
      "summary": "Since 1997, several East Asian economies (notably Indonesia, Thailand, and South Korea), and\nsince\n1998, Russia and Brazil, have experienced significant financial difficulties, including sharp currency\ndepreciations, plunging stock market prices, and declining economic growth. The global financial\ncrisis contributed to a slowdown in the growth of the Chinese economy in 1998, especially its export\nsector, although it fared better than most of its East Asian neighbors, many of whom fell into\nrecession. However, many analysts have expressed concern that a deepening of the global financial\ncrisis may induce China to devalue its currency, the yuan, in order to stimulate export growth. Such\na move could lead to a new destabilizing round of currency devaluations throughout East Asia,\nwhich would further depress U.S. exports to the region. In addition, it would make Chinese products\ncheaper in U.S. markets and thus exacerbate the U.S. trade deficit with China. Another concern is\nthat China might also choose to respond to the financial crisis by putting a hold on its plans to\nliberalize its economy and lower trade barriers. This could further complicate China's attempt to\njoin the World Trade Organization and further strain U.S.-China economic relations.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
      "formats": [
        {
          "format": "PDF",
          "encoding": null,
          "url": "http://www.crs.gov/Reports/pdf/98-220",
          "sha1": "59def0ce26c6f54aab46514fa8663eb8ac2c1951",
          "filename": "files/19990303_98-220_59def0ce26c6f54aab46514fa8663eb8ac2c1951.pdf",
          "images": null
        },
        {
          "format": "HTML",
          "filename": "files/19990303_98-220_59def0ce26c6f54aab46514fa8663eb8ac2c1951.html"
        }
      ],
      "topics": []
    }
  ],
  "topics": [
    "Economic Policy",
    "Foreign Affairs",
    "Industry and Trade"
  ]
}