December 1978
Deng Xiaoping launches the "open door" policy, the first cautious steps towards free-market reform.

October 1979
Liaoning Fushun No. 1 Brick Factory gets Party approval for a share issue.

January 1980
Liaoning Fushun No. 1 Brick Factory issues shares. This appears to be the first stock issue in the People's Republic of China.

November 1984
On November 18, 1984, China's first public offering of stock share -- Feileyinxiang share – was issued to the public with a number of 10,000 shares (par value of 50 yuan per share). It attracted a lot of attention from overseas and is taken as a sign of China's reform and opening up.

In 1984, "Discussion on China's Financial Reform Strategy" was published by more than 20 graduate students (including Cai Chongzhi, Wu Xiaoling, Wei Benhua, Hu Xiaolian, etc.) of the Department of the People's Bank of China graduate student department, proposing the establishment of the capital market concept for the first time in China.

August 1986
Formal trading of shares begins in a proto-stock market at a bank in Shenyang, Liaoning Province.

September 1986
An over-the-counter (OTC) market for share trading opens in Shanghai. The central government issues corporate responsibility regulations, pushing managers of state-owned enterprises (SOEs) to take responsibility for company results and initiating a gradual shift in SOEs toward a shareholding structure.

On September 26, 1986, China's first stock, Feileyinxiang share (share code: 600651) was officially traded in Jing'an Securities Business Division, West Nanjing Road No. 1806. The 100 listed shares of that day were sold out in less than one half-hour.

April 1990
Shanghai receives central government approval for the development of the Pudong area of the city, which by the late 1990s becomes China's premier financial district.

October 1990
STAQS, a bond-trading platform run by the Stock Exchange Executive Council (SEEC) and the State Commission for Reconstructing the Economic System (SCORES), begins operation. In 1992, STAQS lists a number of legal person shares in SOEs, but in 1993 trading in the shares is banned by the China Securities Regulatory Commission (CSRC).

December 1990
Stock exchanges are established in Shanghai and Shenzhen. Shanghai Stock Exchange (SSE) has central government approval, while Shenzhen Stock Exchange (SZSE) does not. SSE formally begins operations on December 19, 1990, while Shenzhen Stock Exchange is formally approved and opened on July 3, 1991, after seven months of "trial operation".

August 1991
China Securities Industry Association is established, but is later superseded by the establishment of the CSRC in October 1992.

December 1991
Shanghai Vacuum issues the first foreign-currency denominated B share.

May 1992
SCORES issues a document called 'The Standard Opinion', the first comprehensive regulations regarding share issuance and trading.

On May 21st, 1992, Shanghai stock market, on a trial basis, abolished all restrictions on the trading prices, and the stock price began to be guided by the market. Over only three days period, the stock price has soared 570%! Among them, the market value of five new stocks has rocketed 2,500 to 3,000%! On May 21st, the first time on the stock index of Shanghai Stock Exchange passed 1000 points, reaching 1260.32 points, 104.27% increase over the previous day.

July 1992
The Finance and Economics Committee of the National People's Congress (NPC) begins drafting the Securities Law. According to official media reports, over 10,000 SOEs apply to be listed.

August 1992
The "August 10th" Shenzhen stock riot broke out in reaction to a badly managed IPO.