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blank.gif (49 bytes)18/01/1999, updated at 16:00        blank.gif (49 bytes)weather.gif (982 bytes)archive.gif (946 bytes)search.gif (947 bytes)

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New Year Advances Expected on Success Achieved in 1998

����China greeted the 20th year of her reform and opening to the outside in 1998. Though great difficulties had been met and unprecedented tests experienced in the past year China had still succeeded in accomplishing 7.8% in basically translating into practice her economic goal for an annual growth of 8% in economic development. With efforts made for a restructuring of the Chinese economy the country saw to it a series of reforms be carried out. Among these were included a restructuring of the financial system and setting up large regional branch banks for strengthening management; reform of the grain supply and marketing system and management; and a reform of the former housing distribution system to be replaced by one in a monetary form. In addition, the Chinese government had a restructuring of its institutional setup and had a cut on the former 40-organ setup of the State Council to one consisting merely of 29 with a working staff of as much as less that 50% than the past. It goes without say that the significance of these as those reforms listed above is by no means small. The Chinese people will be surely bountifully rewarded for their new efforts going to be made in the New Year 1999.

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Economicnews 1999-01-18 Page2

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