CHINA
1978: Dismantled the People’s Communes and allotted land to farmers.
1979: Set up Special Economic Zones in Shenzen, Zhuhai, Shantoe and Xiamen to attract foreign directinvestments.
1987: Contract system launched.
1988: Made Hainan island a province and declared the whole island a SEZ.
1994: A single VAT of 17% introduced.
1995: Current account convertibility allowed, customs duty reduced.
1999: Recapitalisation of banks by creating four AMCs.
2000: Individuals allowed to tap the capital market.
2001: China becomes a WTO member.
2004: Hong Kong banks allowed to accept deposits in yuan.
2005: China revalues its currency after over a decade.
INDIA
1991: New Industrial Policy announced; up to 51% foreign direct investment allowed in select industries.
1996: Minimum Alternate Tax introduced. Corporate surcharge cut from 15% to 7.5%.
1997: Maximum income tax rate cut to 80% and corporate tax to 35%. New takeover code approved.
1999: IRDA Bill passed; FERA replaced by FEMA. Department of disinvestment created.
2000: SEZ created with 100% foreign equity. Quantitative restrictions on 714 items lifted in the small-scale sector.
2002: Full convertibility of deposit schemes for NRIs. Urban Initiative Fund set up.
2003: SPV set up to finance core projects.
2006: National Rural Employment Guarantee Scheme launched. The Jawaharlal Nehru National Urban Renewal Mission established.
