Date |
Era |
Event |
1911 |
|
End of the Qin dynasty |
1949 |
|
Establishment of the People’s Republic of China |
| 1955 |
|
Private Property eliminated |
1958 |
|
Great Leap Forward |
1966 |
|
Beginning of the Cultural Revolution |
1972 |
|
Nixon visits China |
1976 |
|
Death of Mao ZeDong |
1978 |
|
Beginning of Chinese economic reforms |
Dec. 1978 |
|
The third plenum of the 11th Central Committee officially jettisons class struggle as the main task of the Communist Party |
1979 |
|
PBOC becomes independent of the Ministry of Finance |
1979 |
|
ABC (Agricultural Bank of China reestablished) |
1979-1984 |
Attempt to rationalize the state sector |
|
1980s |
Establishment of the four state-owned specialized banks (BoC, ICBC, ABC and CCB |
|
1984 |
|
ICBC formed out of the PBOC |
1985-1989 |
Second stage of reform: embrace of the market |
|
Mid 1980s |
Central government sponsors local venture capital funds as part of overall reforms in the science and technology sector |
|
1986 |
|
General Principles of Civil Law passed |
Dec. 1986 |
|
Enterprise Bankruptcy Law |
October 1987 |
|
Thirteenth Congress of the Communist Party recognizes “private economic sector” as necessary supplement to the state sector |
1989 |
|
Tianmen Square protests |
1989-1992 |
Reaction to Tianmen: attempt to roll back economic reforms |
|
December 1990 |
Original role was to regularize the identity of SOEs as entities, independent of the state |
Shanghai Stock Exchange established |
April 1991 |
|
Shenzhen Stock Exchange established |
1992 |
Jiang Zemin |
|
1992-2001 |
Economic reform and markets fully
embraced once more |
|
Jan. 1992 |
|
Deng Xiaoping’s southern tour: "No matter whether it is white or black, it is a good cat that catches mice.” |
1992 |
|
Regulation creates non-tradable shares and tradable (A and B shares) |
October 1992 |
|
The China Securities Regulatory Commission (CSRC) was created |
1994 |
|
Tax sharing reform |
1994 |
|
Company Law allows for the creation of joint stock limited liability companies |
1995 |
|
Privatization: government policy of zhuada fangxiao, ( 抓大 放小: retain the large, release the small) i.e. the government kept the 300 largest SOEs and allowed the smaller firms to be leased or sold. |
1995 |
|
The four specialized banks became SOCBs |
1997 |
|
Asian Financial Crisis |
1997 |
Foreign investment in private equity |
China International Capital Corporation structures and leads a $40m. investment in Eagle Brand Holdings |
1999 |
|
Creation of the four AMCs to rescue the four major SOCBs |
July 1999 |
Securities market are seen as a serious source of funds – an alternative to the banks |
Securities Law passed |
Early 2000 |
|
The government passes regulations to make all shares (including state shares and legal person shares) tradable |
Dec. 2001 |
|
China joins WTO |
2003 |
|
Founding of the CBRC |
2004 |
Hu Jintao |
|
2005 |
|
Beginning of equitization of the SOCBs (conversion into joint-stock corporations) |
June 2005 |
|
Bank of Communications IPO |
Oct 2005 |
|
China Construction Bank IPO |
2006 |
|
Industrial and Commercial Bank of China IPO |
June 2006 |
|
Bank of China IPO |
July 2010 |
|
Agricultural Bank of China IPO |
2006 |
|
New Company Law passed that lays out the obligations of directors and senior management personnel to the company |
2009 |
|
Creation of ChiNext, a NASDAQ-style stock exchange to promote start-ups |
2010 |
|
Zhou Xiaochuan, Governor of the PBOC, advocates a policy of market-based interest rates |
2012 |
Xi Jinping |
Move towards rapid urbanization |
2014 |
|
Loosening of financial repression? Permission to introduce internet MMFs |
