ABSTRACT
In 1998, China’s economic development continued to face a rather severe and complicated domestic and global environment. The global economic recession will continue to affect China directly, in particular by even more severely limiting export demand. Stabilizing people’s psychological expectations is beneficial to social stability and to China’s long-term economic development. The crackdown on smuggling and counterfeit goods should be strengthened to protect the legal rights of commerce and industry and to create a fair and equal competitive environment for China’s economic development. A stable and gradually recovered macroeconomic environment was one of the key factors for the stable economic growth in the fourth quarter of 1998. In 1999, China will again face a complex, uncertain domestic and global economic environment. Domestically, the country was undergoing a wide-ranging economic structural adjustment. The new Cabinet has started to implement the structural reform of the state sector.
