This Day, That Year

Editor's Note: This year marks the 40th anniversary of China's reform and opening-up policy.

Since 1978, when the central government promoted the commercialization of city housing, the country's real estate market has experienced rapid growth with high prices and sales, giving a major boost to economy.

In December, median home prices in Beijing topped 67,822 yuan ($10,715) per square meter, followed by Shanghai at 52,584 yuan per sq m, according to the latest statistics released by the Chinese Academy of Social Sciences.