RMB exchange rate unification officially implemented
On January 1, 1994, the official and market exchange rates of the Renminbi were merged, forming a unified exchange rate.
On January 1, 1994, the official and market exchange rates of the Renminbi were merged, forming a unified exchange rate.
After recording the special episode of the Zhengda Variety Show, Yang Lan flew to New York, successively studying at New York University and Columbia University, during which time she met Wu Zheng.
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.