China's 40 years of reform that turned it into a superpower | ABC News

Summary

In 1978, China emerged from the devastation of the Cultural Revolution as one of the world's poorest nations, with 88% of its population in absolute poverty. Following Chairman Mao's death in 1976, Deng Xiaoping initiated significant reforms in 1978, opening China to the world and embracing capitalism. Over four decades, these changes transformed China into the world's second-largest economy, lifting 700 million people out of poverty and significantly increasing its share of the global economy. Today, under President Xi Jinping, China continues its ambitious growth with initiatives like the One Belt, One Road project, aiming to establish a global trade network centered on China.

Takeaways

• 🌍 In 1978, China was emerging from the Cultural Revolution as one of the world's poorest nations.
• 👨‍🏫 Chairman Mao's death in 1976 marked the end of his ideological drive, leaving China economically and socially devastated.
• 📉 Eighty-eight percent of the population lived in absolute poverty, with China's economy being just 5 percent of the United States'.
• 📈 Over 40 years, China transformed into the world's second-biggest economy, with a 15-fold increase in GDP per capita.
• 👥 700 million people were lifted out of poverty, and China's share of the global economy grew from 1.8% in 1978 to 18.2% in 2017.
• 🔄 Deng Xiaoping's rise to power in 1978 brought radical changes, opening China up economically and politically.
• 🤝 Establishing formal diplomatic ties with the United States was a key step in Deng Xiaoping's reform initiative.
• 🌐 The number of Chinese citizens traveling overseas and foreigners visiting China increased dramatically from 1949 to 2017.
• 🏭 Embracing capitalism and encouraging private business fueled China's four-decade-long economic boom.
• 🛤 President Xi Jinping's ambitious plans, including the One Belt One Road initiative, aim to make China a global trade network hub.

Q & A

What was the economic condition of China in 1978?

In 1978, China was one of the world's poorest nations, with 88% of its population living in absolute poverty and an economy that was just 5% the size of the United States'.