In the late 1970s, reformers in China held the German economic system in high regard. They saw in the social market economy a combination of market-driven dynamics and stabilizing planning. They traveled to Germany, examined its social system and public finances, and ultimately concluded that what they actually wanted to overcome was growing here. Thus, they focused their efforts on expanding the market economy. In the second half of the 1990s, some market economies in China's neighboring countries collapsed. The Chinese reformers were concerned and slowed down their reform efforts. China weathered the Asian financial crisis almost unscathed and is now faced with the task of reforming its financial and monetary system to be competitive in the global market.