|Chinese Economic Reform|
A set of economic reforms to support the transition from a centrally planned to a market economy in China that were initiated in the late 1970s. These reforms initially included abolition of collectivi farms, promotion of foreign investment and trade, and creation of special economic zones with tax incentives for investors. State-owned industrial enterprises were largely privatized in the late 1980s and 1990s and the financial sector was liberalized. In the early 2000s tariffs and trade barriers were reduced, During the period of reforms the economy of China exhibited rapid growth, ant in 2014 the country was the world’s largest exporter. From 2015 the focus of the reforms was officially announced to be shifting from export-driven growth towards a ‘new growth model’ driven by domestic consumption and services.
|Reference: Oxford Press Dictonary of Economics, 5th edt.|