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.
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.