What began as a downturn in the US housing sector in the summer of 2007 had mushroomedinto a global financial crisis by September 2008: the most severe since the 1930s Developingcountries, including China and India, at first seemingly sheltered from the worst of theturmoil, have not been immune to the contagion’s spillover effects. What are China andIndia’s precise vulnerabilities, and what can each do to better insulate their economies fromthe vagaries of global financial marker turmoil? Equally important, what long-term strategiesmust each country adopt to make their economies more resilient to global market downturns ? What began as a downturn in the US housing sector in the summer of 2007 had mushroomedinto a global financial crisis by September 2008: the most severe since the 1930s Developing countries, including China and India, at first seemingly sheltered from the worst of the turbmoil, have not Been immune to the contagion’s spillover effects. What are China andIndia’s precise vulnerabilities, and what can each do to better insulate their economies from the vagaries of global financial marker turmoil? Equally important, what long-term strategiesmust each country adopt to make their resilient more resilient to global market downturns?