![]() Between 19, China's gross domestic product (GDP) grew at an incredible rate of 9.5% per year. China transformed itself from a dirt poor country in 1978 to become the world's second largest economy. In 1980, one of the first SEZ was established in Shenzhen, then a small town just north of Hong Kong in the Pearl River Delta.ĭeng Xiaoping's economic reforms were a wild success, to say the least. One of his most successful ideas was the establishment of Special Economic Zones (SEZ), areas of looser economic regulations than the rest of China. Not long after Deng Xiaoping became the paramount leader of China in 1978, he passed economic reforms that loosened government control of the economy and opened up the country to trade and investments. In other words, he didn't care about your ideological leanings as long as you were competent and efficient. He said "It doesn't matter whether a cat is black or white, as long as it catches mice". Unlike his predecessors, Deng Xiaoping was much more practical. But the country's outlook improved after Deng Xiaoping took power in 1978. ![]() Famines were a common occurance and culminated in the Great Chinese Famine (1959-1961), which led to the starvation of millions. Following the war, China's own poor governance had mired the country's recovery and growth. Furthermore, China had suffered devastating losses and damages during WW2. China had never experienced an industrial revolution like in the US, Japan, and many European countries. Before 1978, the Pearl River Delta area, like most of China, was primarily rural (just 28% urban) with a poor economy based on agriculture.
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