Although the Asian Financial Crisis (AFC) has been over for many years, the influences of the AFC remain effect the world economy for quite severely. So it is worthy for both the governors and academic to study the lessons from the AFC and then find out some measures to avoid the happening of the crisis. This paper first analyze the causes of the financial crisis and the causes of the AFC, points out the impacts of China, which is the largest transition country in the world and has the situation similar with these Asian countries. This paper also point out some of the measures China can implement to accelerate the restructuring of the banking system.