A new constitution was introduced in 1992, and the term "People's Republic" was dropped from the country's name. The transition to a market economy was often rocky; during the early 1990s the country had to deal with high inflation and food shortages. The first election victories for non-communist parties came in 1993 (presidential elections) and 1996 (parliamentary elections). China has supported Mongolia's application for membership in to the Asia Cooperation Dialogue (ACD), Asia-Pacific Economic Cooperation (APEC) and granting it observer status in the Shanghai Cooperation Organization.