Deng Zhifang, the younger son of Deng Xiaoping, lost nearly 200 million RMB at the Casino Lisboa in Macau. The debt was subsequently covered using overseas public funds from Shougang by Zhou Beifang, which triggered Zhou's eventual arrest and sentencing.
On January 1, 1994, the official and market exchange rates of the Renminbi were merged, forming a unified exchange rate.
In 1994, China carried out price reform, abolishing the dual-track pricing system of capitalism and socialism, and the problem of official profiteering (guandao) was initially resolved.
Zhu Rongji pushed forward the tax-sharing reform, allocating 75 percent of value-added tax to the central government and retaining 25 percent for local governments, while establishing a vertical national tax team. This led to a massive surge in central government fiscal revenue alongside a sharp increase in local fiscal pressure, laying hidden dangers for land finance and local government debt.