Reform timeline

The year 2018 marks the 40th anniversary of Chinas reform and opening-up. Over the past four decades， the country has made constant efforts to carry out concrete reform measures such as the rural reform， state-owned enterprises （SOEs） reform， the reform of its economic system， establishment of special economic zones and entry into the World Trade Organization （WTO）. Hardworking Chinese people have blazed a trail to development and prosperity based on their national conditions.

Third Plenary Session of the 11th Central Committee of the Communist Party of China

Held in Beijing in December 1978， the Third Plenary Session of the 11th Central Committee of the Communist Party of China （CPC） marked the beginning of the countrys reform and opening-up.

Household Responsibility System

On January 1， 1982， the CPC Central Committee approved the National Rural Work Conference Summary and pointed out that currently all types of responsibility systems in rural areas， including the household responsibility system， belonged to the responsibility system within a socialist collective economy. Since then， implementation of the household responsibility system has helped the majority of rural areas escape poverty and gradually embark on a road to prosperity.

Reform of State-owned Enterprises

On December 5， 1986， the State Council issued Provisions on Deepening the Reform of Enterprises and Strengthening Enterprise Vitality. The document proposed that small-sized state-owned enterprises （SOEs） launch contract operations on a trial basis and large and medium-sized SOEs adopt various forms of responsibility system for operation.

Pudong New Area

On April 18， 1990， the State Council decided to make Shanghais Pudong District a national development area with policies similar to those in economic and technological development zones and special economic zones. In October 1992， the State Council approved the establishment of Pudong New Area. In June 2005， the State Council approved Pudong as Chinas first pilot zone for comprehensive reform. The development of Pudong marked the beginning of the second phase of Chinas reform and opening-up.

Shenzhen Special Economic Zone

Approved by the CPC Central Committee and the State Council of China， Shenzhen Special Economic Zone was established in 1980 as a forefront for the countrys opening up to the outside world. Over the past 40 years， Shenzhen has grown from a hardly-known fishing village into an international metropolis famous for its financial and technological innovation.

A Planned Commodity Economy

The Third Plenary Session of the 12th CPC Central Committee adopted the Decision of the CPC Central Committee on Economic Reform to continue the policies of economic reform and opening-up to the outside world and accelerate reform of national economic system with a focus on cities.

Economic Construction as the Central Task

The 13th CPC National Congress introduced One Central Task （economic construction） and Two Basic Points （adhering to the Four Cardinal Principles and upholding the reform and opening-up policy） as the basic guideline for the Party in the primary stage of socialism.

Establishment of Stock Exchanges

On December 19， the Shanghai Stock Exchange officially began operation as the first stock exchange on the Chinese mainland since the founding of the Peoples Republic. The Shenzhen Stock Exchange， the second， officially opened on July 3， 1991.

Deng Xiaopings Southern Tour

From January 18 to February 21， Deng Xiaoping made an inspection tour of southern cities including Wuchang， Shenzhen， Zhuhai and Shanghai to stress the importance of economic reform which was facing a predicament. His tour played a vital role in promoting economic reform and social progress in the 1990s， ushering in a new era of the reform.

Housing System Reform

Decision of the State Council on Deepening the Urban Housing System Reform outlined the establishment of a public housing fund system and a change of distribution method from welfare-oriented public housing distribution to a performance-based subsidy system. The decision initiated the commercialization of urban houses and marked the implementation of the overall market-oriented housing system reform.

Shi Guangsheng （front）， then Chinese Minister of Foreign Trade and Economic Cooperation， delivers a toast at the signing ceremony of Chinas accession to WTO in Doha， Qatar on November 11， 2001.

Asian Financial Crisis

The Asian financial crisis was the first financial turmoil China faced since its reform and opening-up. China managed to prevent the yuan from depreciating and boost domestic demand through measures like tax cuts.

Entry into the World Trade Organization

China became a full member of the World Trade Organization on December 11， signifying the countrys deeper integration into the world economy. Shortly thereafter， China became the world factory， setting a good example of accelerating economic reform through opening-up.

Socialist Market Economy

The Third Plenary Session of the 14th CPC National Congress， held in Beijing from November 11 to 14， adopted Decision of the CPC Central Committee on Issues Concerning the Establishment of a Socialist Market Economic System. The meeting confirmed the goal of establishing a socialist market economy in which the market was to play a fundamental role in resource allocation under state macro-control and a modern corporate system to be built to offer the SOEs clearly established ownership， well defined power and responsibility， separation of enterprise from administration and scientific management. The decision became the first major top-level overall plan in the history of Chinas economic reform.

Hong Kongs Return to the Motherland

On July 1， China resumed its sovereignty over Hong Kong and the Hong Kong Special Administrative Region of the People's Republic of China was formally established.

Great Western Development Strategy

The formulation and implementation of the Great Western Development Strategy aimed at fostering a unified domestic market to improve the socialist market economic system. It continues to help promote strategic economic structuring for more coordinated regional development and boost opening-up to the outside world by making good use of markets and resources both at home and abroad.

Removal of Agricultural Tax

The 19th meeting of the Standing Committee of the 10th National Peoples Congress decided to abolish Regulations on Agricultural Tax of the Peoples Republic of China on January 1， 2006， ending a 2，000-year-old tax category in the country. The decision marked a new phase of Chinas reform and opening-up.

Subprime Mortgage Crisis and Economic Transition

The subprime mortgage crisis of the United States and the subsequent European debt crisis caused a sharp decline in international trade. As a result， Chinas economy slowed from the sustained rapid growth since 1978.

As the country entered a “new normal” and foresaw L-shaped growth， economic restructuring and transition ensued.

New Era for the Rule of Law

Adopted at the Fourth Plenary Session of the 18th CPC Central Committee， the Decision of the CPC Central Committee on Several Major Issues Concerning Comprehensively Advancing the Rule of Law ushered in a new era of building a rule-of-law system in China.

Chinese Yuan to Special Drawing Rights

The Chinese yuan was added to the Special Drawing Rights （SDR） on October 1 and accounted for 10.92 percent of the basket， following only the U.S. dollar and the Euro.

19th CPC National Congress

The 19th CPC National Congress approved the incorporation of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era into the Party Constitution. The Congress also emphasized strengthening socialism with Chinese characteristics and presented guidelines and action plans that align with changes of the times and reflect the will of Chinese people to build a moderately prosperous society.

Belt and Road Initiative

During visits to Central Asia and Southeast Asia in September and October 2013， respectively， Chinese President Xi Jinping put forward the initiatives of jointly building the Silk Road Economic Belt and constructing the 21st Century Maritime Silk Road， which received a warm welcome from the international community. Over the past five years， the Belt and Road Initiative has evolved from a blueprint to concrete measures， from initiatives to extensive consensus and from vision to tangible results. Significant achievements have been made within the framework of the Initiative， exerting a profound global influence.

Chinas Contribution to the Paris Agreement

The 2015 United Nations Climate Change Conference was held in Paris and Chinese President Xi Jinping attended the opening ceremony on November 30 as the first Chinese head of state present at the Conference of the Parties to the United Nations Framework Convention on Climate Change. His presence helped China have a greater say in international climate negotiations and showcased Chinas image as a responsible major power in tackling climate change.

A Community of Shared Future for Mankind

On January 18， Chinese President Xi Jinping delivered a keynote speech titled “Work Together to Build a Community of Shared Future for Mankind” at the United Nations Office in Geneva， presenting a profound and comprehensive examination of the notion of a community of shared future for mankind.

Deepening Reform and Opening-up

On April 10， Chinese President Xi Jinping delivered a keynote speech themed “Openness for Greater Prosperity， Innovation for a Better Future” at the opening of the Boao Forum for Asia Annual Conference in Boao， Hainan Province. He stressed that countries in the world should stay abreast of the trends of the times， be dedicated to openness and win-win outcomes， find the bravery to change and break new ground and continue striving for a community with a shared future for mankind. President Xi also noted that China will continue its unwavering commitment to reform and opening-up， adopt major measures to pursue further opening-up and work together with countries in Asia and across the world for a better tomorrow.