Economic Reform (China)

Economic reform in China, initiated in 1978 under leader Deng Xiaoping, transformed the country from a largely state-controlled economy to a more market-oriented one. This involved opening up to foreign investment, decentralizing economic control, and encouraging private entrepreneurship. As a result, China experienced rapid economic growth, lifting millions out of poverty and becoming a global manufacturing hub. These reforms balanced state capitalism with market forces, leading to significant improvements in living standards and integration into the global economy, though they also brought challenges, including inequality and environmental issues.