The outbreak of a financial crisis in certain parts of Asia has produced a shock of multiple dimensions. Various reactions have been uttered in the international community, not only on the banking structure in Asia but also on the Asian culture and tradition, on Asian ideas of human rights and criteria of value. During some dozens of years, the economic boom in Asia won a world-wide admiration. Warm approval lavished upon both the material and ethical success. All of a sudden, the stupefaction in the profiteering foreign exchange market seems to turn a bright Asia into a dark one. Doubts are cast on all aspects of Asian life, to the extent that nothing could be found in Asian culture but corruption, nepotism and incompatibility with modern management. Some people even suggest thet the only way to get rid of this disaster lies in the ultimate acceptance of Western governance and Western philosophy of human rights, which offer personal initiative and free competiton.

In my opinion, it is not justified to deny the significance of Asian value and Asian culture simply because of the occurrence of some vicissitudes.

The value of a society, either oriental or occidental, is deeply rooted in the historical development of different cultures. The western conception of human rights derives from humanistic studies of Renaissance, Christian Reformation and Enlightenment, with an objective of opposition to the tyrannical domination of the Middle Age. Subsequent elements have since been added to this concept along with the rise and fall of fascism, colonialism, racial discrimination and oppression. The Oriental and Asian millennium-old culture provides a broad and solid basis to engender rich and bright notions of humanism, which have promoted social and economic progress. The continuous process of screening by the contention of a thousand schools of thought rejects useless stuff and retains the valuable and indispensable, to meet the needs and interests of the people and obtain national emancipation from alien rule.

May I share with you a few personal appraisals of the value and the conception of human rights in Asia, and particularly in Eastern part of that continent.

Humaneness is an Asian tradition. Mutual love and kindness are advocated and human value respected. It is opposed to consider human persons as appendices of God or as "speaking tools" of nobles. They constitute the central body of a society. The Asian perspective is a close combination of individual rights and collective interests. "All for one and one for all." This is done on the basis of common ideal, and not simply because of blood relationship. While upholding self-respect and personal dignity, Asians emphasize the value of an individual as an integral part of the whole society, nation and people. Individual liberty should be protected and personal rights should not be neglected. However, it is imperative to properly deal with relations between individuals and the community. Public matters should precede private ones. Justice should come before gains. To benefit oneself at the expense of others and to seek gains against justice are to be renounced. A concept of value has been drawn from Asians' historical experiences. Homeland, nation and solidarity represent strength, hope and honour. Self-centeredness, scattered efforts driving to different directions serve no purpose. Social progress does not lie simply on the freedom of individuals. A well-organized and disciplined collective is able to accomplish a great deal. Facing outside invasion and colonialist domination, endeavours from a few individuals have proved to be fruitless. Solidarity of the whole people under a vigorous leadership is indispensable to attain national independence and democracy.

A balance of duties and rights has been widely accepted as being essential. Without an input to the aggregate, one cannot expect an output. Social responsibility lies on the shoulder of each. It is regarded as ideal realization of personal value to be the first to offer and the last to enjoy, and to be ready to die for justice.

In order to better contribute, self-cultivation is called for. A strong and competent character is not something that one is born with, but something that is to be acquired through incessant learning and industriousness. One should neither be spoiled by wealth and position, wavered by poverty and humiliation, nor deterred by power and force. A great personality is to be forged in thorny trials and painstaking perseverance, and such a person is highly respected and rewarded. In Oriental tradition, frugality is regarded as a virtue and extravagance a shame. The high saving rate among the Asian population constitute an important factor to building a prosperous society.

A harmonized relationship among members of a community is necessary for stability and its fuller and better development at a quicker pace. Filial piety for family members, trustworthiness and honesty among friends, tolerance and generosity in social life and loyalty to the nation are traditional qualities to be encouraged and refined. In dealing with divergences and controversies, it is desirable to guard against going too far or not far enough, and to avoid extremism and one-sidedness. "What you do not wish to be done to yourself, do not do to others," have become an axiom.

With regard to the culture of the outside world, Asian people tend to adopt a two-fold approach-maintaining their well proved traditional value and national identity, and at the same time trying their best to assimilate modern knowledge and sophisticated experience that are useful for their social and economic development, instead of indulging in xenophobia. Mutual complementarity between the East and the West on the basis of equality and reciprocal respect in commendable to replace high-handed imposition. To learn high-tech in banking and economic management would not necessarily entail complete acceptance of Western philosophy and social structure and total denial of Asian value. Personal incentive and entrepreneurship are needed in market economy. However, social cohesion cannot be dispensed with. Proper free competition aiming at encouraging efficiency and quality and promoting economic development should not be misled in practising money fetichism and the "law of jungle", by which the strong gains and the weak suffers. In the process of Asian modernization, filthy water must be discharged, but ont the baby-the gist of one's own culture.