August 15, 1988 (, Boshin July fourth day), the central government decided to decontrol of prices of most commodities.

1988 8 15, the CPC Central Committee Political Bureau held its 10th plenary meeting in Beidaihe, discuss and passed in principle "on the price of wage reform the initial program. The meeting held that the general direction of the price reform: a small number of key goods and services prices managed by the state, the vast majority of commodity prices open by the market regulator, in order to convert the price formation mechanism, the progressive realization of the "state regulation of the market, market guide enterprises" requirements. According to the conditions and the possibility of realization, about the time of the next five years, the goal of price reform is preliminary rationalize the relationship between prices, that address serious impact on economic development and market development, highlighting the unreasonable price. The total wage reform, price reform process by raising the wage adjustments, appropriate to increase subsidies to ensure that a majority of workers without lowering the standard of living, and can be improved with the development of the production. ?