Four Decades Of Inspiration

China’s reform and opening-up policy has incubated its people’s creativity and helped distance them from poverty and backwardness. Forty years of development have led to great accomplishments that have caught the attention of the world. Achievements are not restricted to increases in economic indicators such as the GDP or residents’ income, nor are they confined to the surge in development of high-speed railways, highways or airports. More importantly, China’s reform and opening up has provided a new and valuable method of development.

A socialist market economy with Chinese characteristics has taken form over the past 40 years, integrating China into the modern global economy. China’s achievements in social and economic development have proven that this path fully conforms to its national conditions and has been an effective way for China to develop.

Prior to reform and opening up, China tried to develop its economy in other ways, but failed to improve the overall economic conditions. The planned economy, in particular, led to low production efficiency and sluggish growth. The reform policy put wings on China’s economy and helped it thrive. The government will stick to this path and comprehensively deepen reform and open its door wider to the world.

There are over 200 countries and regions in the world, the majority of which are less developed. Currently, many face economic situations quite similar to China’s 40 years ago, with an urgent need to boost their economies and improve people’s livelihood. China’s success shows these countries that a road suited to their unique conditions is of major importance. This is the most significant inspiration that China’s reform and opening up brings to the world, a precious experience concluded in the course of 40 years. Conditions vary from country to country and something that is useful for one country may not work in another. China does not sell its mode of development, but is showing goodwill in the hope that developing countries find their own means of development.

Private ownership of the means of production has been advocated by the West as the norm of economic development, but China’s socialist market economy offers a new idea for development which is also effective. Notably, it underlines the need to resolve problems inherent in developed Western

The planned economy led to low production efficiency and sluggish growth. The reform policy was the key to putting wings on China’s economy and helping it thrive