Word: yuan
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Dates: during 1980-1989
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Many of the bureaucrats who run state-owned industries have been slow or reluctant to adjust to the new economic climate. As a result, almost a year after the introduction of the urban reforms, China's success stories remain largely rural: almost all the rich wanyuanhu (literally "10,000-yuan households"--roughly $3,510) are in the countryside, as are nine out of ten private enterprises. "Yet without the urban reforms," says a Western diplomat, "the rest of Deng's program will eventually fail...
...soiled Taiwan's good name. "I do not see any wavering of public confidence as a result of (the Cathay scandal)," he said in an interview with TIME (see box). "Actually the government benefits by taking measures to overhaul the financial system." An investigative committee of the Control Yuan, the government's watchdog agency, ! assigned blame for the scandal last month to Finance Minister J.K. Loh, who resigned within hours, and to Hsu Li-teh, who quit as Economics Minister last March...
Peking's 5.5 million residents will receive a subsidy of 7.5 yuan a month (l5% of per capita income) for a year to help pay the higher prices, but that will only partly cover them. Some kinds of fish will now be 200% more expensive. Pork, the country's most popular meat, will cost 35% more. The prices of staples like rice and flour, however, will remain unaffected...
...cockpit, crew members had other things on their minds. "The five of us were trying everything to steady the plane," said Pilot Ming Yuan Ho, 55. Cruising at around 41,000 feet about 350 miles northwest of San Francisco, the Boeing 747 SP suddenly lost full power in one engine, and the other three began to operate with reduced thrust. The 325-ton bird dropped six miles in two minutes, practically turning upside down as it rolled to the right. The force of the fall ripped off the doors of the landing-gear compartment, and may have sent...
...origins of the festival date from the fourth century B C. and it commemorates the death of Chu Yuan, a legendary Chinese poet and patriot who cast himself into the Millow River in an act of protest...