Nasdaq Closes at 4041, First Time Above 4000
On December 29, 1999, the Nasdaq Composite closed at 4041.45 points, crossing the 4000 mark at the close for the first time, marking its 60th closing record of the year.
On December 29, 1999, the Nasdaq Composite closed at 4041.45 points, crossing the 4000 mark at the close for the first time, marking its 60th closing record of the year.
In November 1999, Jiang Zemin instructed Zhu Rongji to facilitate the China-US WTO accession negotiations at all costs, and the basic framework was ultimately determined.
On November 3, 1999, the Nasdaq Composite closed above 3,000 for the first time (at about 3,028), its fourth consecutive closing record, after which it entered a phase of rapid ascent.
In 1999, the market gradually came to believe that the Y2K risk had been exaggerated; to guard against year-end liquidity problems, the Federal Reserve set up backup financing and special liquidity arrangements.
During the handling of the Yuanhua case, Xi Jinping drew attention for his clean image, was promoted to acting governor of Fujian Province, and cooperated with the central authorities in handling the case.
At the Fourth Plenary Session of the 15th CCP Central Committee held in September 1999, Hu Jintao was added as Vice Chairman of the Central Military Commission of the CCP Central Committee.
In June 1999, under the leadership of Harbin Institute of Technology professor Fang Binxing, the National Computer Network Emergency Response Technical Team/Coordination Center of China was established, aiming to technically block Chinese people from accessing overseas networks, and becoming the origin of the Great Firewall.
On May 8, 1999 (Beijing time), bombs dropped by a US Air Force B-2 bomber of NATO hit the Chinese Embassy in the Federal Republic of Yugoslavia, killing 3 Chinese journalists; people in many parts of China subsequently took to the streets to protest.
In 1999, the United States bombed the Chinese Embassy in Yugoslavia, triggering a surge of anti-American sentiment in China.
In 1999, the Chinese embassy in Yugoslavia was bombed, triggering a crisis in China-US relations.
In 1999, under Li Hongzhi's direction, Falun Gong leaders across China coordinated via email to launch a mass siege of Zhongnanhai, prompting the Chinese Communist Party (CCP) to tighten internet controls.
On April 20, 1999, central leaders issued instructions to thoroughly investigate the Xiamen Yuanhua smuggling case, and the “April 20” special task force was established to probe the smuggling and corruption of Lai Changxing’s Yuanhua Group.
In April 1999, Zhu Rongji visited the United States to negotiate China's entry into the WTO and made a number of concession commitments.
Shanghai software engineer Lin Hai was sentenced to two years in prison for providing 30,000 collected Chinese email addresses to the overseas anti-communist digital journal "VIP Reference," becoming the first person in China to be imprisoned for internet-related activities.
The China Development Bank established its first branch, the Wuhan Branch. Yu Xiaoping was personally appointed by the head office as the inaugural president and party secretary, tasked with supporting the second-phase water storage of the Three Gorges Project and the subsequent listing of China Yangtze Power.
The central bank specified that the maximum term for personal housing loans issued by commercial banks with credit funds will be extended from 20 years to 30 years.
Li Wei met Wang Yi, then vice chairman of the China Securities Regulatory Commission (CSRC), through Li Jiating, and afterwards began taking heavy positions in listed companies under Sinopec.
In 1999, the number of university students enrolled in China surged from 1.08 million to 1.6 million, as higher education began its transition toward mass enrollment.
After the Yuanhua case broke out in 2000, Lai Changxing fled to Canada and hid for many years.
China entered an aging society in 1999, and illnesses among the elderly increased; the National Health Commission says that population aging is accelerating and clinical blood demand keeps rising, while the imbalance between blood supply and demand remains fairly evident.
Chen Peisi and Zhu Shimao filed a lawsuit in court against a company affiliated with CCTV for publishing and distributing discs containing their Spring Festival Gala sketches without permission, demanding an end to the infringement and compensation.
Hu Liren said that Shanghai Bell Alcatel engineer Zhao Jun and his wife Xu Meiqi, director of the laboratory department of Shanghai Huaihai Hospital, were arrested together with their children in 1999 for practicing Falun Gong, and the whole family went missing afterward; their parents waited for more than 20 years without seeing them return. He said that the then-director of the Shanghai Public Security Bureau and head of the Falun Gong task force was Wu Zhiming.
In 1998, Xu Wenli, Wang Youcai, and Qin Yongmin, founders of the China Democracy Party, were sentenced for their party-building activities, marking the establishment of political parties as a taboo in China.
The Ministry of Public Security has launched the national public security informatization project, known as the Golden Shield Project, aimed at collecting information such as household registration, educational background, and residential addresses of Chinese citizens and achieving a nationwide network.
On September 21, 1998, television networks broadcast footage of President Bill Clinton testifying before a federal grand jury, addressing his relationship with former White House intern Monica Lewinsky and defending his denial of the affair.
In August 1998, Fang Xinghai returned to China and joined China Construction Bank, participating in shareholding system reform, IPO preparations, non-performing asset disposal, and debt-to-equity swaps.
The Ministry of Finance issued 270 billion yuan in special treasury bonds to replenish the capital of the Big Four banks, and set up four major asset management companies to strip off 1.4 trillion yuan in non-performing assets.
The central authorities issued Document No. 10, characterizing the mass layoff of workers as an inevitable process in the economic transition, acknowledging that it would bring temporary difficulties to some workers, while claiming that this accords with the long-term interests of the working class.
By the end of 1997, a total of 12.74 million workers had been laid off or reassigned by state-owned enterprises nationwide, of whom 6.34 million had still not been re-employed; some enterprises were unable to guarantee basic living allowances and social insurance.
After taking office as Premier of the State Council, Zhu Rongji initiated the three-year relief program for state-owned enterprises. Through the policy of 'seizing the large and releasing the small' and downsizing for efficiency, he triggered a massive wave of layoffs among SOE workers.
In 1998, Wen Jiabao was promoted to Vice Premier and served as the overall commander of disaster relief in the catastrophic floods that year, rushing to the front lines.
After completing his studies and work overseas, Zhu Yunlai was brought into China International Capital Corporation (CICC) by Wang Qishan, beginning his rapid rise in the investment banking field.
China began implementing the Blood Donation Law of the People's Republic of China, which stipulates that all blood donations must be unpaid, in order to meet the country's blood supply needs.
Li Wei registered Oriental United Industrial Co., Ltd. in Hong Kong, obtaining Hong Kong residency, and subsequently registered companies such as Haoyi International.
In 1998, the direct election of the township head in Buyun Township, Sichuan, was suspended by the central authorities on the grounds that it was unconstitutional, marking the freezing of grassroots elections during the Jiang Zemin era.
Zhu Rongji came to Focus Report and wrote the inscription “public opinion supervision, the mouthpiece of the masses, a mirror for the government, and a vanguard of reform.” At that time, the proportion of public opinion supervision content broadcast by the program once reached 47%.
Pinnacle was founded, adopting a low-vig, high-volume model, and distinguishing itself from traditional bookmakers by not restricting winning bettors.
In 1998, Wu Zheng took office as Chief Operating Officer of Hong Kong's Asia Television, intervening in ATV's management and establishing cooperation between his company and institutions under the Chinese Ministry of Culture.
Between 1998 and 2003, the total number of laid-off workers nationwide reached 28.18 million, among which the three northeastern provinces accounted for a huge share, with workers in Liaoning, Heilongjiang and other places subjected to the buyout of their years of service.
Zhu Rongji replicated in the State Council Shanghai's approach to streamlining processes, cutting the number of ministries and commissions in half from 40; large numbers of cadres at division level and above were reassigned to the private sector or took early retirement, making the scale of personnel changes unprecedented.
During this period, China's blood donation rate per 1,000 people has remained between 1% and 1.2%, basically meeting the demand for blood in clinical medical care.
On December 11, 1997, China promulgated the Measures for the Security Protection of International Networking of Computer Information Networks, putting forward the "nine prohibitions," which include banning pornography and banning criticism of the Chinese Communist Party (CCP).
Invested by Forbidden City Film Co., Ltd., the film became the box office champion of domestic films that year and pioneered the practice of directors receiving a share of the box office.
At the CCP's 15th National Congress in September 1997, Xi Jinping was elected as an alternate member of the Central Committee for the first time; some commentators said he ranked last among the 151 alternate members by number of votes.
The Deputy Secretary of the CPC Fujian Provincial Committee inspected Xihaigu in Ningxia, decided to carry out diaozhuang relocation and establish Minning Village, laying the groundwork for a political and economic arrangement that would last for twenty-nine years.
Andy Lau released a new song "Chinese People" and filmed the music video at the Great Wall's beacon tower.
Deng Xiaoping died on February 19, 1997. Jiang Zemin took full hold of supreme power, ushering in the Jiang Zemin era.
Following the death of Deng Xiaoping in 1997, Jiang Zemin broke free from the constraints of the supreme elder, assumed comprehensive control of party, government, and military power, and ushered in his era of governance.
In 1997, President Clinton hosted a state dinner at the White House for then Chinese President Jiang Zemin, with a menu featuring chilled lobster, Oregon beef, and other dishes.
An investigative report by an American journalist noted that Xiang Huaqiang is a co-owner of a Beijing luxury entertainment venue TOP Ten, and the other co-owner is then-Minister of Public Security Tao Si Ju.