On this day, 37 years ago, on August 15, 1988 (July 4, 1988, the lunar calendar), the central government decided to liberalize prices for most commodities. On August 15, 1988, the Political Bureau of the CPC Central Committee held its 10th plenary meeting in Beidaihe, which discussed and approved in principle the "Preliminary Plan on Price and Wage Reform." The meeting believed that the general direction of price reform is: the prices of a few key commodities and services will be managed by the state, the prices of the vast majority of commodities will be opened and regulated by the market, and the price will be transformed to form a mechanism, and the requirement of "the state regulates the market and the market guides enterprises" will gradually be realized. According to various conditions and possibilities of realization, the goal of price reform in the next five years or so is to initially straighten out price relations, that is, solve price problems that have a serious impact on economic development and market development and highlight unreasonable price problems. The general requirement of wage reform is to ensure that during the price reform process, the actual living standards of most employees will not decrease and can be improved with the development of production by raising and adjusting wages and appropriately increasing subsidies.