As the Wall Street chaos of 2008 swept the globe, China--with little exposure to subprime mortgages-was one of the only calm ports in the growing financial storm. If one lesson can be learned from the crisis, it is this: maintain a constant state of financial vigilance against risks even in boom times. China now faces the task of ensuring its financial health as it further opens to the world amid a global financial landscape reshaped by deep recessions. Economists and finance professors discussed these challenges at the Asia-Pacific Economic and Financial Forum recently held in Beijing. Edited excerpts follow: