16. The Reform and Opening-Up Era (1978-)
In 1978, under Deng Xiaoping’s leadership, China initiated the “Reform and Opening-Up” era, transitioning from a centrally planned economy to a socialist market economy. This shift included de-collectivizing agriculture, establishing Special Economic Zones (SEZs) to attract foreign investment, and encouraging private enterprise. These reforms spurred rapid economic growth, significantly reducing poverty and integrating China into the global economy (en.wikipedia.org).
