【摘要】：正How China deals with global economic crisis has implications not only for itself but also for its Asian neighbors.What has been the nature of its response to the economic crisis of the 1930s,the Asian financial crisis of 1997,and the current Global Financial Crisis? The Great Depression of the 1930s took place at a time when China was experiencing economic and political turmoil - economic mismanagement by the ruling Guomindang,an ongoing civil war between the Guamindang and the Chinese Communist Party,and the growing military threat of Japan.Southeast Asia then was under Western colonial rule.Neither China nor the Southeast Asian states were strong,independent players able to determine their economic future. The Asian Crisis of 1997 came upon a very different China,one that had just opened up its economy and therefore resurgent,confident and ready to contend for a leadership role in Asia.By this time,countries in Southeast Asia had gained independence and,until hit by the 1997 crisis, had achieved high economic growth.China,practically unscathed by this crisis,was able to play a positive role to a Southeast Asia that was economically ravaged(Fernald and Babson 1999, Tyers 2005). The current Global Crisis curtailed China's rapid growth,cutting deeply its exports.Yet amidst the ruins of the 'decoupling thesis',China's economy is the first in the world to revive,thanks to its massive fiscal stimulus.Can this response be sustained? China's role is particularly important for countries in Southeast Asia.China's relationship with Southeast Asia extends well beyond the region's communities of Chinese overseas.It is playing an active role in ASEAN through ASEAN+3 and in APEC but it also has important bilateral relations with Southeast Asian countries.How do economic crises and the way China responds affect Southeast Asian countries and their Chinese overseas businesses? Does this impact vary with the nature and size of businesses? This paper looks at China and Malaysia in the context of the three economic crisis.During the first crisis,business interaction between the two countries was mostly through private enterprises and individuals.Many Malayan companies including those that dealt with China suffered serious setbacks arising from the Great Depression.In the second crisis,large Malaysian companies having trade and investments in China survived much better than those that did not.The third crisis comes in a period of China's impressive economic growth and the paper will examine how its role and impact may be different from the first two economic crises in the history of China-Malaysia business ties.