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, but eventually ended in 1989 due to the crackdown on Tiananmen Square protests, halting further political liberalization.
The image of Deng Xiaoping in Shenzhen, Guangdong, one of the first special economic zones approved by Deng in 1979
Hu Yaobang, then General Secretary of CCP, played an important role in implementing the reforms together with Zhao Ziyang, then Premier of China.
Shenzhen, one of the first special economic zones of China and the "Silicon Valley of China". Notable high-tech companies such as Huawei, ZTE and Konka were all founded in Shenzhen in the 1980s.
The slogan "Time is Money, Efficiency is Life" from Shekou, Shenzhen, representing the "Shenzhen speed"
Deng Xiaoping was a Chinese revolutionary and statesman who served as the paramount leader of the People's Republic of China (PRC) from December 1978 to November 1989. After Chinese Communist Party chairman Mao Zedong's death in 1976, Deng rose to power and led China through its process of Reform and Opening Up and the development of the country's socialist market economy. Deng developed a reputation as the "Architect of Modern China" and his ideological contributions to socialism with Chinese characteristics are described as Deng Xiaoping Theory.
Deng during a visit to the US in 1979
Deng Xiaoping at age 16, studying in France (1921)
Deng's name is spelled "Teng Hi Hien" on this employment card from the Hutchinson shoe factory in Châlette-sur-Loing, France, where he worked for eight months in 1922, and for another stint in 1923 where he was fired after one month, with the bottom note reading 'refused to work, do not take him back'
Deng Xiaoping in NRA uniform, 1937