Chinese economic reform

Chinese economic reform refers to a series of changes initiated in the late 1970s aimed at transitioning China from a planned economy to a more market-oriented economy. Led by Deng Xiaoping, these reforms included opening up to foreign investment, decentralizing economic control, allowing private enterprise, and promoting trade. The goal was to stimulate economic growth and improve living standards. As a result, China experienced rapid industrialization and significant reductions in poverty, transforming into one of the world's largest economies while maintaining a single-party political system. These reforms have had a profound impact on global economics and trade.