Chinese economic reform
The
Chinese economic reform or
Chinese economic miracle, also known domestically as
reform and opening-up (), refers to a variety of
economic reforms termed "
socialism with Chinese characteristics" and "
socialist market economy" in the
People's Republic of China (PRC) that began in the late 20th century, after
Mao Zedong's death in 1976. Guided by
Deng Xiaoping, who is often credited as the "General Architect", the reforms were launched by
reformists within the ruling
Chinese Communist Party (CCP) on December 18, 1978, during the "
Boluan Fanzheng" period. The reforms briefly went into stagnation after the
1989 Tiananmen Square protests and massacre, but were revived after
Deng Xiaoping's southern tour in 1992. The reforms led to significant economic growth for China within the successive decades, considered to be one of the economic miracles in human history. In 2010, China overtook
Japan as the
world's second-largest economy by
nominal GDP, before overtaking the
United States in 2016 as the
world's largest economy by
GDP (PPP). On the other hand,
a parallel set of political reforms were launched by Deng and his allies in the 1980s, which also inspired the then
Soviet Union's
Glasnost and
Perestroika, but eventually ended in 1989 due to the crackdown on
Tiananmen Square protests, halting further political liberalization.
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