China's financial sector has witnessed great changes since the first national financial work conference was held in 1997. The following are major events that have taken place since.

1998: The Ministry of Finance issued 270 billion yuan ($34.6 billion) in special treasury bonds to recapitalize the "Big Four" State-owned banks. In November, the China Insurance Regulatory Commission was established.

1999: Four asset management companies were set up to take over non-performing assets of the "Big Four".

2002: In November, the Qualified Foreign Institutional Investor system was introduced.

2003: In April, the China Banking Regulatory Commission was established. In September, Bank of China and China Construction Bank were approved to experiment with share-holding restructuring.

2004: In December, the insurance industry was fully opened to foreign players.

2005: In July, the foreign exchange rate regime was revamped.

2006: In December, the banking industry was fully opened to foreign banks.

(China Daily 01/22/2007 page1)