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The Chinese economic reform or Chinese economic miracle, [1] [2] also known domestically as reform and opening-up (Chinese: 改革开放; pinyin: Gǎigé kāifàng), refers to a variety of economic reforms termed "socialism with Chinese characteristics" and "socialist market economy" in the People's Republic of China (PRC) that began in the ...
The conference marked the beginning of the Reform and Opening Up policy, and is widely seen as the moment when Deng Xiaoping became paramount leader of China replacing Chairman Hua Guofeng, who remained nominal Chairman of the Chinese Communist Party until 1981.
[1] [2] [3] The Four Modernizations were adopted as a means of rejuvenating China's economy in 1977, following the death of Mao Zedong, and later were among the defining features of Deng Xiaoping's tenure as the paramount leader of China. At the beginning of "Reform and Opening-up", Deng further proposed the idea of "xiaokang" or "Moderately ...
He added that "stability is the basic premise for reform and development. Without stability nothing can be achieved". [12] During Reform and Opening-up, Deng criticized those he deemed as the ideologues of the Cultural Revolution for seeking "poor socialism" and "poor communism" and believing that communism was a "spiritual thing".
Since the Reform and Opening Up period, China has evolved into a backbone of the world economy. [2] China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached US$2.286 trillion in 2005. [3]
While pursuing Reform and Opening Up, China began to also reform the leadership system of the Chinese Communist Party (CCP) and of the state. [4]: 3 In this context, Deng Xiaoping and the party's second generation leaders evaluated the situation at what they viewed as a historical turning point. [4]: 3–4
Officials in Guangdong Province led by Provincial Party Secretary Xi Zhongxun and Yang Shankun sought to make Guangdong a national demonstration zone for Reform and Opening Up, [2]: xvii–xviii starting with an investment project in Shekou prepared by Yuan Geng on behalf of the Hong Kong-based China Merchants Steam Navigation Company.
The time period in China from the death of Mao Zedong in 1976 until the 1989 Tiananmen Square protests and massacre is often known as Dengist China.In September 1976, after CCP Chairman Mao Zedong's death, the People's Republic of China was left with no central authority figure, either symbolically or administratively. [1]