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Journey through three amazing decades

(China Daily)
Updated: 2008-12-18 07:45

1983

First JV 5-Star hotel

White Swan Hotel, the first five star joint-venture hotel on the mainland, opens its doors to guests.

The bold move by Hong Kong tycoon Henry Fok Ying-tung spurs the opening up and reform policy.

A year earlier, Jianguo Hotel, the first joint venture hotel on the mainland had opens in Beijing.

1984

Commodity economy

The Third Plenary Session of the 12th CPC Central Committee endorses a planned commodity economy, a sign that the country would open up and devote more effort to revitalize the domestic economy.

Plenty of fabric

As textile industry flourishes, cloth is no longer a limited commodity and coupons rationing families' cloth quota are phased out.

1985

Disarmament of a million

As early as 1975, Deng Xiaoping had made slashing redundancies a primary task of the People's Liberation Army.

That call is followed by a bold move to shed 1.039 million from the ranks in 1985.

This precipitated the transition of China's armed forces to greater efficiency and improved scientific and technical strength.

Education and science

The CPC Central Committee approves reform for the country's scientific research and education system, paving the way for future successes.

Goals to set up a market-based scientific development scheme and nine-year compulsory education system are also formulated.

1986

Enterprise ownership

The State Council launches reform for State-owned enterprises (SOEs) by allowing the introduction of multiple operational means.

Pilot projects to restructure firms begin and cut a path to future mergers and acquisition and share-holding companies.

The same year, the Shenyang Explosive Devices Plant declares bankruptcy, the first SOE to do so since 1949.

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