Anti-Monopoly Law comes into force

The congress emphasized balanced development and a more “people-centered” growth model. It signaled recognition of regional and social costs without reversing export- and investment-led growth or...

The new 25 percent standard rate applied to domestic and foreign-funded enterprises, with transitional treatment for some existing incentives. The reform standardized formal rules but altered the...

The law required written contracts and set rules for termination, severance and open-ended employment. It offered a legal tool for workers, but protections were unevenly enforced and migrant and...

The earthquake devastated communities and infrastructure, leading to a large state-directed reconstruction program. Recovery mobilized public resources but also raised questions about relocation,...

By mid-2008 the subsidized rural health program covered all provincial-level regions. Broader enrollment improved access to reimbursement, but financing levels and medical services still differed...

The bankruptcy of Lehman Brothers accelerated a global contraction that sharply reduced demand for Chinese exports. The crisis exposed the risks of relying on external markets and export...

The government announced a 4 trillion yuan package focused on infrastructure, housing, transport and social projects to counter the global downturn. It sustained growth and employment, but leaned...

A sharp interest-rate cut accompanied fiscal stimulus and credit expansion. The response cushioned the downturn but channeled finance through state banks and local projects, benefiting...

Revised tax rules prepared a shift from production-type toward consumption-type VAT, allowing deductions for equipment purchases from 2009. The change lowered firms’ tax costs and supported...

The VAT reform took effect nationwide, reducing the tax burden on equipment purchases and encouraging modernization. It supported productivity and recovery, but investment incentives did not...