Dr. P.V. Viswanath

 

pviswanath@pace.edu

Home
Bio
Courses
Research
Economics/Finance on the Web
Student Interest

 
 
  Courses / FIN 396T - ECO 375  
 
 
 

Time line of political, economic and financial events in modern China

 
 

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

2112

Xi Jinping

Move towards rapid urbanization

2114

 

Loosening of financial repression?  Permission to introduce internet MMFs


 
 

Return to P.V. Viswanath's Home Page
Go to FIN 396T/ ECO 375 Home Page