Deng Xiaoping's Economic Reform
Throughout time, many countries have needed to implement some sort of economic reform in order to strengthen their economy so that they can be more of a power on the world stage and to stabilize their country. The Chinese reforms were long in the making, an unfolding process that had spanned most of the 20th century and, unlike other countries such as Russia who were trying to do the same thing but whom eventually failed, China prospered, and increased its economy greatly. China has had the fastest growing economy in the world for the past two decades, with an annual growth rate of approximately 10 percent since the economic reforms in 1979, and now has the second largest GDP in the world, second only to the USA. Starting in 1979 they have implemented numerous economic and political tactics to open the Chinese marketplace to the rest of the world, and Deng Xiaoping’s appointment in 1978 was the catalyst to further economic development within China. Just a few areas China's government has been addressing are agricultural technology, the medical market, and infrastructures, like telecommunications, transportation and the construction industry. China is one of the very few countries that have made a successful transition from a centrally planned economy to a market economy, and done over several important periods since 1978 up until the present time. The following piece will examine these periods and the reforms put in place by Deng Xiaoping.
Firstly it is important to analyze how Deng came about his position in the late 70’s and the immediate impact that he had. Deng gradually emerged as the de-facto leader of China following Mao’s death in 1976. Prior to Mao’s death, the only governmental position he held was that of First Vice Premier of the State Council (Zhiyue, 2007). By carefully mobilizing his supporters within the party, Deng was able to outmaneuver Mao’s appointed successor Hua Guofeng, who had pardoned him, then oust Hua from his leadership positions in
Firstly it is important to analyze how Deng came about his position in the late 70’s and the immediate impact that he had. Deng gradually emerged as the de-facto leader of China following Mao’s death in 1976. Prior to Mao’s death, the only governmental position he held was that of First Vice Premier of the State Council (Zhiyue, 2007). By carefully mobilizing his supporters within the party, Deng was able to outmaneuver Mao’s appointed successor Hua Guofeng, who had pardoned him, then oust Hua from his leadership positions in