1997年发端于泰国的金融危机，席卷了整个东南亚，日本，韩国也难以避免其汹涌之势，其余波至今未息。这是在世界经济一体化，全球化的背景下发生的一次强金融风暴。然而，同处亚洲体系的中国香港和大陆却成功地规避了这场灾难，本文认为，成与败的根本原因在于金融体制本身。 In 1997, the financial crisis originating in Thailand swept across Southeast Asia, Japan and South Korea. It is also hard to avoid its turbulent trend. The rest of the waves have not yet reached rest. This is a strong financial storm in the context of the world economic integration and globalization. However, Hong Kong and mainland China, both co-located with the Asian system, managed to circumvent the disaster. This paper argues that the root cause of success and failure lies in the financial system itself.