China Development Bank is established

The decision prepared to replace fiscal contracting with assigned central, local and shared taxes from January 1994. It restored central revenue capacity, while local governments retained major...

The law supplied corporate forms for firms in the emerging market system. State ownership could be reorganized through companies, but corporate form alone did not guarantee worker participation or...

The reform divided taxes among central, local and shared categories and created separate tax administrations. It strengthened the center while leaving local governments with service...

A managed unified rate simplified foreign-exchange transactions and supported exports. It expanded firms’ access to foreign exchange but did not remove state management of currency or capital flows.

The tax package reorganized collection and made VAT a key shared revenue source. It improved central fiscal capacity and shifted the state-firm relationship toward tax-based regulation.

The policy bank supported export credit and overseas economic cooperation. It connected national industrial strategy with global markets while retaining state influence over the terms of engagement.

The policy shifted housing costs from work units toward a mix of public support, funds, credit and individual purchase. Access became more dependent on income and urban status, widening the stakes...

The policy bank supported agricultural procurement and rural development finance. Specialized public lending remained part of the reform era, although rural credit and services stayed unevenly...

The law defined the People’s Bank as central bank and supplied a legal basis for monetary policy. It strengthened national control over credit but did not make financial allocation politically...

The law defined commercial banking and distinguished it from central-bank functions. State banks remained responsible for policy lending and carried non-performing loans, so financial specialization...