The top five conglomerates in Indonesia prior to the 1997 Asian financial crisis—the Salim Group, Astra International, the Sinar Mas Group, Gudang Garam, Sampoerna and the Lippo Group—were all owned by ethnic Chinese, with annual sales totaling Rp112 trillion (US$47 billion). When the crisis finally hit the country, the rupiah's plunge severely disrupted corporate operations. Numerous conglomerates lost a majority of their assets and collapsed. Over the next several years, other conglomerates struggled to repay international and domestic debts. Reforms introduced following 1998 were meant to steer the economy away from oligarchic arrangements established under the New Order; however, plans for reform proved too optimistic. When President B. J. Habibie announced in a 19 July 1998 interview with "The Washington Post" that Indonesia was not dependent on ethnic Chinese businessmen, the rupiah's value plunged 5 percent. This unexpected reaction prompted immediate changes in policies, and Habibie soon began enticing conglomerates for their support in the reform plans. Most were initially fearful of democratization, but the process of social demarginalization meant that the ethnic Chinese were regarded as equal members of society for the first time in the nation's history. Increased regional autonomy allowed surviving conglomerates to explore new opportunities in the outer provinces, and economic reforms created a freer market.