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Behind the economic miracle: What mysterious events happened in 1978?
On December 18, 1978, China experienced a profound economic change. The driving force of this change was Deng Xiaoping, the then supreme leader. This movement, widely known as "reform and opening up," announced a major transformation of China's economic system, moving the past planned economy into a market economy and introducing foreign investment policies. Before this, China's economy was mainly based on state ownership and planned management, and individual entrepreneurship and cooperation were restricted. What impact will this reform process have on China's subsequent rapid economic growth? This is a question worth exploring in depth.
"The process of reform and opening up has pushed the economic situation back from poverty and backwardness to development and prosperity."
Since ancient times, the success and failure experienced by countless countries in the economic field are often closely related to the government's policy orientation. In China, until Mao Zedong's death in 1976, the domestic centrally planned economic system was still in a highly centralized state. In this environment, China's economy is facing many difficulties. Agricultural productivity is low, industrial development has not advanced rapidly, and people's living standards have been difficult to improve.
The reforms in 1978 were guided by Deng Xiaoping's overall concept and went through a series of pilot projects and explorations. Deng emphasized that "the market must play a decisive role." The concepts of "four modernizations" and "moderately prosperous society" he proposed, on the one hand, stimulated enthusiasm for reform in various places, and on the other hand, also caused widespread concern about economic marketization. expect. The key to this reform is how to balance market forces and state control.
"Reform and opening up is a large-scale experiment that requires us to continue to explore and move forward in practice."
Since the early 1980s, the further advancement of reforms has resulted in significant results in China's agricultural marketization. The privatization of land has promoted the improvement of agricultural production, starting with small-scale household contracting, allowing farmers to obtain more benefits. Wealth and growth are gradually emerging in various regions, which leads to the need for more government support policies, further fueling the development of the overall economy.
However, reform has not been smooth sailing. The Tiananmen Incident in 1989 had a major impact on the progress of reforms. Although it ended expectations for political liberalization, Deng Xiaoping and the reformist leaders chose to continue to promote economic reforms, which became more stable after his southern tour. After 1992, China not only had to face various domestic challenges, but changes in the international market also tested the effectiveness of various policies.
“With the rich fruits brought about by economic reform and the increasingly international demands, comprehensive review and adjustment of policies have become the top priority.”
With the advent of the 1990s, China's economy has made great achievements, with the main driving force coming from the expansion of foreign trade and the inflow of international capital. After joining the WTO, China's import and export of goods have reached levels unimaginable in the past, and the wave of economic globalization has also allowed Chinese products to go global. However, what follows is also the imbalance of the internal economic structure, especially the gap between the rich and the poor in regions and societies. These problems will always affect policy formulation and government behavior for generations to come.
Overall, the success of reform and opening up since 1978 is not just the result of a single policy, but involves a series of social changes, adjustments to economic policies, and a new understanding of market mechanisms. The road ahead is still full of challenges. How China can find its own development characteristics in the tide of globalization has become the focus of people's attention. So, how can countries in the world facing similar economic challenges learn from China's experience and make corresponding policy adjustments?
