China Economic Reform

China’s economic reform, starting in 1978, involved shifting from a centrally planned economy to a more market-oriented system. This included opening up to foreign investment, reducing state control over agriculture and industry, and encouraging private enterprise. The reforms aimed to boost productivity, innovation, and economic growth, leading to rapid development and lifting hundreds of millions out of poverty. These changes transformed China into one of the world’s largest economies, balancing government planning with market forces to achieve sustained, robust growth.