Abstract: In the 1970s, global industrial capital shifted from the western developed countries like the United States to the developing countries. China seized the momentum by opening to the West and introducing foreign investment, but was thus subject to financial deficit and further plagued by an economic crisis. It was through systematic transformation such as delegating power and responsibility to lower levels that helped China out of the crisis. In the 1980s, ten years of rural prosperity was obtained due to autonomous right to development in rural areas, but soon China encountered economic and political crises for the second time due to the stagnated urban reform and the global trend of “rightist turn” including the disintegration of the former Soviet Union and the upheaval in the Eastern Europe. At the beginning of the 1990s, in response to the economic recession, China conducted autonomous monetization and capitalization based on financial sovereignty while introducing lowend and laborintensive industries to the coastal regions. Later on, China expanded infrastructure investment by issuing more national bonds in response to East Asian financial crisis. In 2007, subprime crisis triggered financial tsunami in the West, followed by European debt crisis, resulting in decreased external demand. At this moment, China, again, turned to tremendous rural investment and domestic demand from farmers, and successfully walked out of predicaments. Now, confronted with the global crisis incurred by the Covid19 outbreak at the end of 2019, China should learn lessons from history. If China can seize the opportunity by pushing forward the transformation of national ecological civilization, the capitalization of ecological resources and the integrated development of urban and rural areas, chances are that China will take the lead in averting crises into opportunities. 

Key words: globalization, financial capital, systematic transformation, ecological civilization ,