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this book is dedicated to the pioneering spirit of those people and enterprises,both domestic and foreign,who placed their faith in china's economic reforms,which have been unprecedented both in daring and scope.
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¡¡¡¡zhu ling has been editor-in-chief of ching daily, the only national english-language newspaper in china, since october 2004.
¡¡¡¡the articles featured in this book were written by some of the most experieneed business journalists in the country. these reporters ave been tracking china's spi- ralling eeonomy for years, writing on such topics as multinational companies, real estate, the development of the chinese stock market, government reforms, state-owned enterprises, and the rapid rise of loeal private businesses as well as entrepreneurs. ¡¡¡¡
¡¡¡¡many of their stories have already been carried by various news ageneies and wire services, helping people around the world develop a better understanding of china and helping business executives formulate strategies and plans to sueeeed in the world's most dynamie market.

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memory lane offers an insight into the initial stage, further development and currrent status of various social and economic aspects in china after the reform and opening up.
¡¡¡¡with amazing stories, authentic data and vivid pictures, it sets us on a journey to trace the development of various industries and reforms in china after 1978, revealing how the chinese overcame the difficulties and obstacles, embraced or sometimes resisted the novelties, and benefited from the new social and economic delements. for example, the first tv ads, the first mobile phone, the first fast food restaurant, stock market, venture capital, retailer, internet, insurance, environmental protection, architecture, english newspaper, etc. it would provide readers with a very informative and enjoyable reading experience.

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¡¶×ã¼£(Ó¢ÎÄ°æ)¡·Ö÷ÒªÄÚÈÝ£ºMemory Lane offers an insight into the initial stage, further development and currrent status of various social and economic aspects in China after the Reform and Opening Up. With amazing stories, authentic data and vivid pictures, it sets us on a journey to trace the development of various industries and reforms in China after 1978, revealing how the Chinese overcame the difficulties and obstacles, embraced or sometimes resisted the novelties, and benefited from the new social and economic delements. For example, the first TV ads, the first mobile phone, the first fast food restaurant, stock market, venture capital, retailer, Internet, insurance, environmental protection, architecture, English newspaper, etc. It would provide readers with a very informative and enjoyable reading experience.

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A Millionaire's First Pot of GoldActually the T-bonds' turning point was in 1988 when Yang Huaiding, a famous Chinese stock investor nicknamed "Millionaire Yang", was among the first batch of people to discover opportunities in the T-bonds market. To reform the issuance of T-bonds, the government conducted an experiment to allow the trading of the T-bonds in April 1988, in seven selected cities including Shenyang, Shanghai, Guangzhou, Wuhan, Chongqing, henzhen and Harbin. In June the experiment was expanded to another 54 cities.A local newspaper in Shanghai published the news, which was ignored by almost all the readers but Yang. The former warehouse keeper in a state- run metallurgical factory in Shanghai quit his job in March that year to look for ways to earn money. He subscribed to 72 newspapers, thumbing through them all the day at home for information. While reading the news abou! T-bond trading, he believed he saw a golden opportunity. On the early morning of April 21, 1988, the first T-bond trading day, Yang rushed to No. 101 Xikang Road where the Shanghai trading markel was located and where he bought three-year T-bonds. "In 1988, the interest rate for three-year bank deposits was 5.4 percent, while that for treasury bonds was 15 percent, why shouldn't I buy?" herecalls in Shanghai Evening News. Others noted his bold move and it ultimately spurred a buying spree. In the afternoon the price of the T-bonds with a 100-yuan face value surged to 112 yuan and Yang sold his bonds out ¡ª¡ª earning 800 yuan in just half a day, which was equal to his annual salary in a factory.But that was not the end of the story. In his newspapers, he found the trading price for the same T-bond in Hefei, Anhui Province was far lower than in Shanghai. Savvy Yang immediately took a train to Hefei to buy T-bonds and brought them back to Shanghai to sell. In doing so, he became China's first mobile T-bond dealer and continued to shuttle between Shanghai and

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Zhu Ling has been editor-in-chief of Ching Daily, the only national English-language newspaper in China, since October 2004. The articles featured in this book were written by some of the most
experieneed business journalists in the country. These reporters ave been tracking China's spi- ralling eeonomy for years, writing on such topics as multinational companies, real estate, the development of the Chinese stock market, government reforms, state-owned enterprises, and the rapid rise of loeal private businesses as well as entrepreneurs. Many of their stories have already been carried by various news ageneies and wire services, helping people around the world develop a better understanding of China and helping business executives formulate strategies and plans to sueeeed in the world's most dynamie market.