On this day, 38 years ago, on August 25, 1987 (July 2, 1987, the National Factory Director Responsibility System Work Conference was held. From August 25 to 29, 1987, the State Economic Commission, the Organization Department of the Central Committee of the Communist Party of China, and the All-China Federation of Trade Unions jointly held a working conference on comprehensively implementing the factory director responsibility system. The meeting proposed that all large and medium-sized industrial enterprises across the country should generally implement the factory director responsibility system by 1987, regard the factory director responsibility system as the fundamental system of enterprises, and accelerate the pace of reform. As of the end of June 1987, 63.9% of the total number of similar enterprises in industrial enterprises owned by the whole people had implemented the factory director responsibility system. This reform has entered a new stage of comprehensive implementation from a pilot project.