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| | China |
 | | Executive administration is effected by a prime minister and a cabinet (state council) that includes three vice premiers, departmental ministers, state commission chiefs, the auditor general, the secretary general, and the governor of the Bank of China. |
 | | The Communists proceeded to inaugurate the People's Republic of China (PRC), with Mao Zedong as chairman, the Nationalists having withdrawn to Taiwan. |
 | | China had agreed to cut tariffs from 21% to an overall average of 8% and eliminate subsidies for farmers and state-owned enterprises. |
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