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From 1978 to 1992, Deng described reform and opening up as a "large scale experiment" requiring thorough "experimentation in practice" instead of textbook knowledge. [26]: 65 As the de facto leader, Deng's policies faced opposition from party conservatives but were extremely successful in increasing the country's wealth.
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.
Deng continued to chair and develop the reform and opening up as the main policy, and he advanced the three steps suitable for China's economic development strategy within seventy years: the first step, to double the 1980 GNP and ensure that the people have enough food and clothing, was attained by the end of the 1980s; the second step, to ...
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.
The thinking was that in order to be a consumer society, China would need to be a producing society. In December 1978 at the 3rd plenary session of the 11th Central Committee of the Chinese Communist Party, Deng Xiaoping announced the official launch of the Four Modernizations, formally marking the beginning of the reform. [citation needed]
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[29]: 225–229 When Reform and Opening up began after Mao's death, China began to gradually wind down Third Front projects. [30]: 180 The Third Front distributed physical and human capital around the country, ultimately decreased regional disparities and created favorable conditions for later market development. [30]: 177–182