Milestones: 2004

(China Daily)
Updated: 2009-09-29 15:59

-- The State Council decides to reform debt-laden State-owned commercial banks (SOCBs) by allocating $45 billion of the nation's foreign exchange reserves to supplement the capital of two pilot SOCBsĀ - Bank of China and China Construction Bank. The same year, the two pilot banks are transformed into State-controlled joint-stock commercial banks. This proves a valuable experience for subsequent banking reform in China and is followed by other SOCBs.

-- On March 14, the Second Session of the 10th National People's Congress adopts the Fourth Amendment to the Constitution, which mandates that "citizens' legitimate private property shall not be violated" and "the State respects and protects human rights". The amendment later expands in scope and has a profound influence on China's economic reform.

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