Group 1 - The article draws parallels between the current economic challenges faced by China and the 1997 financial crisis in South Korea, highlighting issues such as high local government debt, rising corporate leverage, and a declining GDP growth rate [1][8] - It emphasizes the similarities in international conditions, including geopolitical tensions and fluctuating oil prices, which echo the circumstances leading to the 1997 crisis [1][8] Group 2 - The mechanisms behind the 1997 crisis are analyzed, noting that the U.S. Federal Reserve's abrupt shift from a loose monetary policy to a tightening one triggered the crisis, with South Korea's corporate debt skyrocketing to alarming levels [3][5] - South Korea's dependency on the U.S. for political and military support is highlighted as a factor that compromised its economic sovereignty, leading to a liquidity crisis when international capital flowed back to the U.S. [5][6] Group 3 - The article discusses the severe consequences of the 1997 crisis, including a dramatic depreciation of the Korean won, a significant drop in the stock market, and the bankruptcy of major conglomerates [5][6] - It mentions the humiliating terms of the IMF bailout, which required South Korea to open its financial markets and allowed foreign entities to take control of local businesses, creating a dependency on international capital [6][8] Group 4 - The article concludes with a warning for China to learn from South Korea's experience, advocating for the maintenance of monetary policy independence, control over debt levels, and the establishment of a multi-layered defense system to safeguard economic stability [8]