1990-1999 Braving the Waves

By the turn of the century， Chinas third generation of collective leader- ship had guided the country to new heights. Then-Chinese President Jiang Zemin summarized his feelings at the time by stating， “You will understand difficulties only after youve overcome them.”

From 1990 to 1999， China adhered to its reform and opening up， kept pace with the times and addressed multiple challenges such as economic risk. It proposed establishment of a socialist market economy and comprehensively promoted reforms in various sectors to form a multi-level and all-round pattern for opening up across a broad range of fields.

1990： First Stock Exchange

On November 26， 1990， the Shanghai Stock Exchange， the first of its kind on the Chinese mainland since the founding of the Peoples Republic of China in 1949， was established. Shanghai residents queued up in long lines in front of the stock exchange to register stock trading accounts. Operation of the Shanghai Stock Exchange ushered in a new era for Chinas capital market construction and marked the birth of the securities market in New China.

1991： Qinshan Nuclear Power Plant

On December 15， 1991， the Qinshan Nuclear Power Plant on Chinas east coast was first connected to grid to generate power. The first nuclear power plant designed and constructed independently by China， the Qinshan Nuclear Power Plant ended the countrys history of having no nuclear power and lifted China to become one of the few countries in the world capable of exporting nuclear power plants. Successful construction of the nuclear power plant represented a landmark achievement in the reform and opening up of Chinas nuclear industry. To this day， the Qinshan Nuclear Power Plant has been the nuclear power base with the largest number of nuclear power units， the most abundant reactors and the largest installed capacity in China.

1992： Deng Xiaopings Southern Tour

On January 18， 1992， 88-year-old Deng Xiaoping， chief architect of Chinas reform and opening up， set out from Beijing and headed south to conduct his famous “southern tour，” pushing the reform and opening up to new heights. “Failing to stick to socialism will only lead to a dead end，” Deng declared. “We must implement the reform and opening-up policy to develop the economy and improve the peoples lives. Only by sticking to this line will the people trust and support us.” His “Southern Tour Speeches” laid the ideological foundation for the country to develop a socialist market economy with Chinese characteristics.

1993： Wang-Koo Talks

From April 27 to 29， 1993， the Wang-Koo Talks， a landmark meeting between Wang Daohan， then president of the Chinese mainland-based Association for Relations Across the Taiwan Straits （ARATS） and Koo Chen-fu， then chairman of the Taiwan-based Straits Exchange Foundation （SEF）， was held in Singapore. The meeting was based on the “1992 Consensus，” an agreement made by the two sides that both the mainland and Taiwan belong to one China， and marked a historic and important step forward in cross-Straits relations. The Wang-Koo Talks were the highest-level， non-governmental talks across the Taiwan Straits since 1949， the first formal contact between the two sides after long separation and an important milestone in the development of cross-Straits relations.

1994： Chinas Agenda 21

On March 25， 1994， Chinas State Council approved Chinas Agenda 21—White Paper on Chinas Population， Environment and Development in the 21st Century. The document， based on Agenda 21 adopted by UN Conference on Environment and Development in Rio de Janeiro in 1992， stipulated Chinas overall strategy， plans and measures for sustainable development. It served as the guiding document for Chinas medium- and long-term national economic and social development plans. Since its release， sustainable development has been a strategic development goal pursued by the Chinese government. Pictured are herdsmen reaping grass in Chinas Inner Mongolia Autonomous Region. The ecological improvement of the grassland in Xilingol in Inner Mongolia is among the priority projects of Chinas Agenda 21.

1995： Developing Through Science and Education

In May 1995， the National Conference on Science and Technology was held in Beijing. During the conference， Chinas State Council promulgated Decisions on Accelerating Scientific and Technological Development and proposed implementation of the strategy of “rejuvenating the country through science and education.” The proposal and implementation of the strategy marked the third important milestone in the development of Chinas science and technology sector after the 1956 national call for “marching toward science” and the 1978 National Science Conference.

1996： BeijingKowloon Railway

On September 1， 1996， the Beijing-Kowloon Railway opened for operation. The railway， with a total length of more than 2，300 kilometers， connects the Chinese mainland and Hong Kong. Completion of the Beijing-Kowloon Railway was of great importance for the economic development of both the Chinese mainland and Hong Kong. This new artery connected Hong Kong and the Chinese mainland closer than ever and drove the economic development of various regions along the route.

1997： Return of Hong Kong

On July 1， 1997， Hong Kong was officially returned to China， an event drawing massive international attention. Then-Chinese President Jiang Zemin solemnly declared the establishment of the Hong Kong Special Administrative Region （SAR） government. China resumed sovereignty over Hong Kong， and the groundbreaking “One Country， Two Systems” policy was formally put into practice. On December 20， 1999， the Macao SAR was established， and China regained sovereignty over Macao.

1998： Fighting the Flood

In 1998， a massive flood swept across the Yangtze River basin for the first time since 1954. A total of 29 provinces （autonomous regions and municipalities） suffered from the flood， with 21.2 million hectares of land and 223 million people affected. The Communist Party of China， the army， and people from across the whole country took quick action to fight the flood together. Vigorous efforts eventually changed the situation， improving the safety of the main dikes on major rivers and lakes and ensuring the safety of peoples lives and property. The losses from the serious natural calamity were effectively minimized.

1999： Birth of Alibaba Group

In 1999， Jack Ma founded Alibaba Group， which later changed the world. Over the following 20 years， Alibaba ushered in a new consumption era. The rise of Alibaba is emblematic of Chinas rapid economic development in past decades. It heralded a new era of fast development of Chinas internet economy.