40 years of reform and opening up in China

China’s economy has developed more rapidly than any other country in history. It went from a poverty stricken nation in the late 1970s to the engine of growth it is known as today. The rapid economic growth emerged from the vision late paramount leader Deng Xiaoping, who introduced capitalist reforms into a communist planned economy in 1978. In the 40 years since Deng’s ‘reform and opening up policy,’ China has completely transformed. But the development has come with a price and created new challenges.