China's reform and opening-up stand as one of the most remarkable milestones in the nation's 75-year history since the founding of the People’s Republic in 1949.
Between 1979 and 2023, China's economy grew at an average annual rate of 8.9 percent, a figure that far exceeds the global average of 3 percent over the same period. This impressive growth contributed an average of 24.8 percent to the world economy, making China a key driver of global economic expansion.
These achievements are rooted in China's unwavering commitment to a reform path guided by clear direction, a people-oriented approach, and strong principles.
China's reform and opening-up have adhered to the path of socialism with Chinese characteristics. While the nation has incorporated elements of Western market mechanisms, it has remained firmly on its socialist trajectory.
Instead of replicating Western models, China has creatively developed a socialist market economy that leverages market forces while preserving the advantages of the socialist system.
Recognizing that there is no \"one-size-fits-all\" model for a market economy, China has tailored each step of its reform to its unique national conditions, historical context, and practical needs. This approach emphasizes exploration and adaptation over blind imitation of Western development models.
For instance, the household responsibility system in rural areas was designed to grant farmers greater autonomy, boosting productivity and efficiency rather than replicating Western agricultural practices. Similarly, the establishment of special economic zones in urban areas introduced market mechanisms selectively, avoiding full-scale marketization.
Furthermore, China has employed a \"pilot before scale-up\" strategy, testing new policies in specific regions or sectors before expanding successful practices nationwide. This method not only mitigates risks but also facilitates the rapid dissemination of effective reforms, driving sustained economic growth.
Reference(s):
cgtn.com
