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        Journey through three amazing decades
        (China Daily)
        Updated: 2008-12-18 07:45

        1996

        Convertible yuan

        China allows the yuan to be convertible on the current account, a significant move that allows the frees flow of money for imports and exports.

        In 2005, China freed the yuan from the dollars' peg, letting it float within a tightly managed band.

        Journey through three amazing decades

        1997

        SOEs reform

        From September 12 to 18, 1997, the 15th National Congress of the CPC convenes in Beijing. Among many decisions, the congress announces plans to reform, sell, merge, or eliminate the vast majority of SOEs.

        Hong Kong 's return

        Under the policy of "one country, two systems", on July 1, 1997, China resumes sovereignty over Hong Kong, ending more than 150 years of British control.

        On December 20, 1999, China resumes sovereignty over Macao, ending 442 years of Portuguese rule.

        Deng passes away

        Deng Xiaoping, the chief architect of China's economic reform and socialist modernization, dies from complications associated with Parkinson's disease.

        1999

        Western development

        Journey through three amazing decades

        On March 22, the State Council stipulates 10 measures for the further development of western China, covering six provinces (Gansu, Guizhou, Qinghai, Shaanxi, Sichuan and Yunnan), five autonomous regions (Guangxi, Inner Mongolia, Ningxia, Tibet and Xinjiang) and one municipality (Chongqing).

        Over the past nine years, China's western regions have upgraded their infrastructure, economic prosperity, social structures and the environment.

        2000

        Economic miracle

        China's GDP surpasses $1 trillion, making the country sixth in economic volume that year.

        The country's foreign exchange reserves reaches $1 trillion in October, 2006, making it the top in the world.

         

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