Asian financial crisis tests China’s exchange-rate policy

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...

The move facilitated current international payments without opening the capital account. It advanced trade integration while preserving tools to manage cross-border finance and protect policy...

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...

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,...

The congress endorsed reforming state ownership and management, summarized as “grasp the large, let go of the small.” Strategic firms would be consolidated while smaller firms faced transfer or...

Authorities reiterated that they would not devalue the currency. Stability helped limit regional competitive devaluation but required domestic adjustment and capital controls.

The congress endorsed Zhu Rongji as premier and a program of administrative, financial and state-enterprise reform. A stronger central state would regulate markets and external integration, while...

The government set a three-year goal to improve large and medium SOEs and reduce losses through restructuring and support. The policy addressed chronic inefficiency but distributed adjustment...