State Council adopts a new urban housing framework

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 was created to finance infrastructure and strategic development outside ordinary commercial lending. It gave the state a channel to direct long-term capital as commercial finance...

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 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...

The corporate framework became operational, supporting limited-liability and shareholding structures. State firms became more market-facing without ending public ownership; restructuring could also...

The Fifth Plenum set priorities for 1996-2000, including structural adjustment and enterprise reform. Multi-year planning persisted, now coordinating market development and global competition with...