he state-owned enterprises has been furthered.
„h Some adjustment and reorganisation have been carried out in industries like textile, coal, oil and weapon-makings.
2. The social security system has made huge changes.
„h People established re-employment centres that can help laid off workers to find jobs in other economic sectors. Almost 99% of the laid-off staff and workers who were fired from the state-owned enterprises are using this re-employment service centre.
1. Financial reforms will be undertaken
„h To achieve the perfect management system, sectors like banks, securities, insurance and trust businesses are becoming independent from each other for clearer financial supervisions.
„h Government is speeding up the reform of state-owned commercial banks, in order for the banks to operate independently.
„h In case when companies have bad credit and unpaid debts, banks are reinforcing strong policies to ensure the quality of bank loans.
„h To safeguard financial assets and eliminate corruption of people who have political positions.
2. To increase export to maximize the economy
„h People are expanding export productions.
„h People are improving the development of international tourism to increase non-trade exchange earnings. (Online)
China must have annual GDP growth greater than 5% to maintain social stability and political survival. Economic freedom has increased China¡s prosperity. With its Real GDP of US$960.91 billion, it seems that is has increased its output by 7.8% from 1997. Within the GDP, primary industry increased by 3.5%, secondary industry up by 9.2%, and tertiary industry enlarged by 7.6%. The social labour productivity rose by 6.9% over 1997. In the first half of 1999, GDP grew at the rate of 7.6%. (Morrison)
Beginning in 1979, China launched several economic reforms. To improve the standard of living of farmers, government is now al...