Inspired by The Great Transformation written by Karl Polanyi, the author argues specifically  that  the  transformation  of  China  since  1978  is  a  fundamentally  different  process in comparison to that of Europe/North America. In particular, a process of public planning rather than nationwide social and market liberalization has shaped the trajectory of  the  transformation  of  China  and  its  ability  to  overcome  various  crises.  Largely,  this  ability reflects the determination of the government to make a trade-off between stability and liberty, hence embedding the markets in its societal contexts. Nevertheless, evidence from four crises that occurred between 1997 and 2021 (with the fourth crisis still ongoing) shows that the impact of China on the Global South (GS) in times of crises is increasing in controversy. For example, an increase in the external debt of the related countries to China and the associated commodification of their resources have led to concerns about future crises in the GS. The author argues that China could establish an instrumental rather than a ceremonial reciprocity with the GS to safeguard future possible crises.