State Council launches a health-system reform plan

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...

The pilot allowed selected firms to settle cross-border trade in renminbi, reducing reliance on foreign currencies and extending China’s financial reach. Internationalization remained managed and...

The pilot introduced a basic old-age pension for rural residents, funded through public subsidy and individual contributions. It extended social protection beyond formal urban employment, but...

Local governments used financing platforms and bank credit to build infrastructure under the stimulus. This expanded local investment capacity but shifted liabilities off-budget and created...

China completed its principal scheduled tariff-reduction commitments, lowering the overall tariff level from its 2001 position. The change consolidated trade integration and competition, while leaving...

The central bank announced a return to managed flexibility after the crisis-era peg. The move responded to domestic recovery and international pressure, while retaining control over the exchange...