China celebrates 40-year-anniversary of reforms and opening-up policies
China celebrates 40-year-anniversary of reforms and opening-up policies
Author: Matej Balen
28th June 2018
BEIJING - China will launch promotional and educational activities across the country to celebrate the 40th anniversary of reform and opening-up this year.

The Chinese economic reform, or literally: "reform and opening-up", refers to the program of economic reforms often called "Socialism with Chinese characteristics" in China. Program started in 1978, much needed after stagnating economic periods, Chinese Civil War, unsuccessful economic policies and famine that came afterwards.

Economic reforms, led by Deng Xiaoping, introduced market principles that began in December 1978. In the first stage, it involved the decollectivization of agriculture, the opening up of the country to foreign investment, and permission for entrepreneurs to start their own businesses.

However, since most of the industry still remained state-owned, the second stage of reform in the ‘80s and ‘90s involved the privatization and contracting out of much state-owned industry and the lifting of price controls, protectionist policies, and regulations. Some sectors however, such as banking and petroleum, sill remained under state control up to this day. As a result of these reforms, the private sector grew remarkably. From 1978 until 2013, unprecedented growth occurred, with the economy increasing by 9.5% a year in average.

The success of China's economic policies and the manner of their implementation has resulted in immense changes in Chinese society. Large-scale government planning programs alongside market characteristics have greatly decreased poverty, led China to become a world power, and eventually turn it into a technological leader in the last several years.

40 years after the opening up to the world, China will hold many events and activities in the second half of 2018 with the theme: "Carrying the reform and opening-up through to the end". The activities will focus on "telling the stories of reform and opening-up," according to a circular released by nine departments including the Publicity Department of the Communist Party of China (CPC) Central Committee.

The activities will include tours of cities and rural areas, reports on the reform and opening-up by Party and government officials, story-telling by citizens about their endeavors to change their lives, contests, songs, and photo and video presentations themed on reform and opening-up, according to the circular.

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