The Tax-Sharing Reform Approved and Implemented
The tax-sharing reform, finalized at the end of 1993 and implemented the following year, established the framework for central-local fiscal distribution and land finance.
The tax-sharing reform, finalized at the end of 1993 and implemented the following year, established the framework for central-local fiscal distribution and land finance.
In late 1993, China determined the plan to unify the RMB exchange rate, merging the official and market rates. The relevant reforms were officially implemented the following year.