Reform and Opening-Up

Reform and Opening-Up refers to China's policy shift that began in 1978 under leader Deng Xiaoping, aimed at modernizing the economy. It involved moving away from a strictly state-controlled economy to incorporate market-oriented reforms, allowing private enterprise and foreign investment. This shift stimulated rapid economic growth, improved living standards, and integrated China into the global economy. The policy emphasized pragmatism over ideology, focusing on economic development and modernization. Today, it remains a foundational aspect of China's economic strategy and its position in the world.