(1)Major breakthroughs were made in the reform aimed at establishing a socialist market economy; a framework for the new macro-control system was erected preliminarily and the fundamental role of the market in the allocation of resources was notably bolstereD、During the past five years, in accordance with the reform objectives defined by the 14th NationalCongress of theCPC, the government took strides in promoting reform of the finance, taxation, banking, foreign exchange, planning, pricing and investment and fund-raising systems. New financial and taxation systems have been established and are functioning smoothly. The financial resources of both the central government and local governments have increased considerably. (2) Non-commercial banking has been preliminarily separated from commercial banking, and the central bank is playing an increasingly important role in financial control, supervision and management. (3) A、single exchange rate for the RM
B、was successfully introduced; the exchange rate of the RM B、remained stable; and the RM B、was made convertible under current accounts.As. planning regulations which were carried out mainly in the form of guidance plans constantly improved, and as the control over prices further relaxed, prices of an overwhelming majority of consumer goods and means of production are now being set by the market.As a result, the market is playing an increasingly evident role in augmenting supply, regulating demand and enriching people’s lives. (4) In the reform of investment and fund-raising, we introduced a system whereby a legal person is held responsible for projects, a capital system and public bidding system. Safeguards against investment risks were gradually strengthened and enterprises had more channels through which to raise funds. The reform of state-owned enterprises has been intensified and is progressing steadily through conscientious experimentation. (5) The direction objectives, guiding policies and priorities of the reform have been defineD、We have explored many means and have accumulated valuable experience in tackling difficult points.