Abstract:There are many causes for the Asian financial crisis erupted in July, 1997: the inflexible currency peg system; the impact of international hot money; the high ratio and large amounts of the banks‘bad loans; the delay of adjustment of the economic structure; the unhealthiness and incompleteness of the financial system. China is fortu-pate to have avoided the direct impact of the Asian financial crisis, but the crisis taught China some deep lessons: Shifting the economic structure and the economic growth mode appropriately and timely; reinforcing the financed supervision and management;controlling the financial risks; improving foreigh capital; readjusting the role of govern-ment, and respecting the law of the market economy.