China accepts current-account convertibility under IMF rules

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...

The law regulated insurers and contracts as financial services expanded. Market insurance diversified risk but was accessible unevenly by income, place and employment.

The 1996-2000 plan translated party priorities into a state program for growth and structural adjustment. Planning continued alongside markets, though aggregate targets could obscure unequal effects...

Further tariff reductions prepared firms for greater international competition. Lower costs and wider choice came with pressure on less productive firms; the state sequenced trade opening as a...

Tighter credit and investment controls lowered inflation while output continued to expand. Stabilization showed the state’s steering capacity, but financial restraint affected employment and local...

Deng’s death followed the 1992 restart and preceded deeper restructuring. Reform now ran through party leadership, planning bodies and administrative institutions, not one leader or a single market...

The handover restored Chinese sovereignty over a major financial and trading center under “one country, two systems.” Hong Kong deepened its role in mainland investment and export networks, linking...

After Thailand floated the baht, regional financial systems came under pressure. China maintained currency stability rather than devaluing, seeking to avoid a regional spiral and revealing the unequal...

The decision sought a basic pension system combining social pooling and individual accounts as work-unit welfare weakened. Coverage and funding varied locally, leaving gaps between secure workers,...