Thirty Years of Reform and Opening up

The Reform and Opening up refers to the program of economic reforms called "Socialism with Chinese characteristics" in China that were started in 1978 led by Deng Xiaoping (邓小平, Dèng Xiǎopíng) and are ongoing in the early 21st century.

The goal of Chinese economic reform was to generate sufficient surplus value to finance the modernization of the mainland Chinese economy, to improve the standard of living and to close the economic gap between China and the industrialized nations. The basic state policy has focused on the formulation and implementation of overall reform and opening to the outside world.

The reform has been undertaken through a series of phased reforms which consisted of setting up opening trade with the outside world, instituting the household responsibility system in agriculture, establishing Township and Village Enterprises (TVE's), creating a pricing system and decreasing the role of the state in resource allocations, closing unprofitable enterprises and narrowing the gap between rich and poor in China.

Chinese economic reform has been an economic success, generating over two decades of rapid economic growth, reaching most of the goals of the reform. Most cities benefited from the policy and has taken new looks ever since.

Source: www.fotoe.com/english