Despite the difficulties that China has gone through, it is currently positioned as the world’s second-largest economy, behind the United States.

This recovery is due particularly to the implementation of its “Reform and Reopening” program, which seeks to give prominence to the free market.

75 years after the communist party came to power in China, the country is showing great efforts to advance from the rural and poor stage to an economic power.

“President Deng Xiaoping, who took power in 1978, proposed a program called Reform and Reopening, which marked the beginning of the Asian giant’s economic miracle. This project sought to give prominence to the market, which promoted economic reforms known as the four modernizations: agriculture, industry, science and technology, and defense.”

In a short time, the Chinese government created the well-known special economic zones, and gave impetus to the “private sector, thus giving way to foreign trade, establishing an open economy,” where innovation plays a leading role.

M.Pino

Source: eluniversal

(Reference image source: Denys Nevozhai in Unsplash)

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