This is the first book that puts together Asia - in particular China - and the developed world in the subprime crisis context. Its integrated approach uses both macro (systemic) and micro (corporate) analysis to draw valuable lessons from the catastrophe. This is not a normal crisis. World growth may experience a structural downward shift for the next decade. Asia's export-led growth model is shattered, and has not changed fast enough to take on the new post-subprime paradigm. China is liberalizing its insurance sector (seen as the 'goldmine' in the future of world financial development) and trying to develop financial derivatives for insurance products. The author uses a critical approach, questioning conventional wisdom at times, to assess the subprime crisis's causes and impact and debunk misconceptions. Cutting through hype and bias, he discusses Asia's contribution to the root of the crisis, traces the regulatory and policy lessons to be learned and predicts the economic and financial aftermath. Combining research thoughts, data, facts and economic logic with real world examples and anecdotes to elaborate on the arguments, this thought-provoking book lifts the veil on the 'financial tsunami' to expose Asia's economic life in the post-subprime world.