Dear MEL Topic Readers,
Xi, other leaders attend 40th anniversary gala
China had been the largest and most prosperous country for centuries until the 16th century when it started stagnated while European countries started to prosper. Especially during the 19th and much of the 20th century, China’s economy and prosperity declined because of the foreign invasions, civil war, and political confusions. But in 1978, then de-facto leader Deng Xiaoping initiated an economic reform called Reform and Opening-up. Shenzhen, then a small fishing village near Hong Kong, was chosen as the first special economic zone in 1980 to introduce capitalism economy and invite foreign investment. De-collectivization of agriculture and permission of private enterprises took place in the early period of the reform followed by privatization and contracting out of the much state-owned industry and the lifting of price controls, protectionist policies, and regulations in the second stage. In 2001, China joined the World Trade Organization (WTO) and accoladed economic and trade reforms, and in 2008, further strengthened the economic and reform initiative to conquer the global financial crisis. In 2010, its Gross Domestic Product (GDP) surpassed Japan’s and became the second largest economy in the world only after the USA. Over the course of these four decades, infrastructures, high-tech industries, and middle class were created while poverty was significantly reduced. Also, the military was modernized and much-better-equipped and the ruling mechanism was disciplined. Now, China is more influential in global trade, economy, politics, security, and environment.
Enjoy reading about the gala to commemorate the 40th anniversary of Reform and Opening-up of China.
and watch the video if you are interested in learning the numbers to show their growth over the last four decades.
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