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| 1948 |
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| In the course of the year, the decline of Jiang Jieshi's forces, already evident in 1947, proceeded rapidly, and by the end of the year most of northern China was in Communist hands. The Nationalists by now had lost most of their best troops, and corruption among their provincial leaders had led to the surrender or sale of vast amounts of U.S. equipment. The GMD economy, badly in need of reform and shaken by growing inflation, had long depended on U.S. aid, which, since the defeat of Japan, was estimated at more than $2 billion. In early 1948 an additional $400 million was allocated, but as time went on and the Nationalist government failed to liberalize and reform itself, U.S. aid was drastically curtailed. | 1 |
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| March |
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| CCP forces under the command of Peng Dehuai retook Yan'an. | 2 |
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| March 29 |
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| The National Assembly convened at Nanjing. After severely criticizing the government and its conduct of the war, it reelected Jiang Jieshi as president of China (April 19) and gave him virtual dictatorial powers during the national emergency. | 3 |
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| April |
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| Luoyang finally fell to CCP forces after long being fiercely contested. | 4 |
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| Aug. 28 |
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| Jiang declared a number of financial and economic emergency measures to cope with hyperinflation. | 5 |
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| Sept. 1 |
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| The Communists announced the formation of a North China People's Government. | 6 |
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| Sept.–Oct |
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| CCP troops under the command of Lin Biao (1908–71) captured Mukden (Shenyang) and Changchun, and decimated the GMD forces sent against them. | 7 |
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