People’s Bank reorganizes regional branches

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...

The reform reduced and reorganized central ministries, separating some government functions from industrial management. Marketization relied on a reconfigured state that continued to steer capital and...

The notice shifted housing toward money, purchase and a commercial market. It boosted construction and demand but converted a work-unit benefit into an asset market; workers with higher incomes gained...

The government expanded public investment and issued treasury bonds as regional demand weakened. Fiscal stimulus supported growth and jobs, favoring large projects while welfare and household...

The rules offered partial support as layoffs and enterprise closures grew. Access depended on formal employment records and local capacity, accompanying restructuring rather than preventing risk...

The amendment strengthened legal status for private and individual economies within the socialist market system. The state continued to guide and supervise private activity, embedding it within...

The law established a common framework for economic contracts and took effect in October. It supported a national market, although firms with capital and legal expertise were better placed to use it...

The Fourth Plenum called for modern corporate governance and stronger enterprise groups. Public ownership remained strategic, while managerial autonomy and restructuring expanded, sharpening...