Singapore

The Asian economic turmoil of the last eight months struck many international observers as a sudden calamity--trouble that seemed to drop from the sky like an alien invader. But in fact, the signs of structural weakness and the cracks in the veneer of financial robustness were in plain view for those in a position to take a hard look. In Indonesia, the family of President Suharto has had its hands in the economy for decades. Malaysia's Prime Minister Mahathir Mohamad has long pursued expensive vanity projects. In South Korea and Thailand, many companies and banks have ignored financial reporting requirements with scant legal penalty.

Those looking to take the measure of China's attitude toward Hong Kong's outspoken press may not need to wait for macroeconomic changes. Beijing has already expressed its distaste for Hong Kong's independent journalism in the case of media magnate Jimmy Lai. The flamboyant millionaire has built a media empire in a very short time by combining investigative reporting with the flash of tabloid journalism and a reputation for no-holds-barred criticism of China.