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40 Years ago China
opened up its economy to the rest of the world.
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A move, that ultimately turned China into
a global economic powerhouse, second in GDP
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In his speech at the Great Hall of the People
in the Chinese capital Beijing Chinese President
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Xi Jinping vowed to press ahead with economic
reforms.
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But he also made clear that Beijing will not
deviate from its one-party system or take
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orders from any other country.
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His comments come as the United States demands
more transparency in trade relations
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China's economy has grown faster than that
of any other major country.
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Once poor and underdeveloped, the Asian giant
has now grown into one of the most important
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export markets for manufacturers from all
over the world -- a true heavyweight in international
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The architect who laid the foundation stones
for its economic miracle: Deng Xiaoping.
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He became the country's leader in December
of 1978, and subsequently left a lasting mark
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on the communist country's economy.
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Under him, private companies were allowed
into China, along with foreign investment.
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Deng also created special economic zones.
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In the four decades since, China has changed
in dramatic ways.
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Millions of rural workers have streamed into
the country's megacities.
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The gap between rich and poor has grown...along
with overall prosperity.
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Many more people there now earn enough money
to spend on more than just simple survival.
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I hope that China will continue to insist
on opening-up because clearly the opening
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that we have seen in the last 40 years has
been very beneficial for the Chinese people
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and for the Chinese economy.
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But hopes that a market economy would usher
in more democracy and freedom have remained
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Foreign companies complain that the state
still has too much influence over trade, or
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that its oversight is even on the rise.
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And the country has also paid a high price
for the last 40 years of rapid growth....it
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was purchased in many parts
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at the cost of the environment.
