The irony of the current global financial meltdown is not lost on many institutional investors across Asia. When the Asian crisis was raging in 1997-98 there was no end of international advice heaped upon the various authorities across the region. Some notable economists were highly critical of the level of government intervention aimed at damage limitation.

When the Hong Kong government bought almost 12 per cent of the stock market as part of its measures to defend the currency peg, some suggested this was the first step towards the end of capitalism so soon after China had resumed sovereignty.