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30 Years of Reform & Opening up
and Looking forward
LSE, 3 December 2008
In December 1978, the Chinese government shifted its priority
from political struggle to economic development, thereby
initiating a new era of reform and opening up in China.
Deng Xiaoping: We must catch up with the times, and this
should be the objective of the reform.
I. Four stages of reform and opening up
• The initial stage: from December 1978 to
September 1984
• The period of comprehensive progress: from
October 1984 to January 1992
• The period of institutional innovation: from
February 1992 to October 2002
• The period of ‘storming the fortress’: from
October 2002 onward
The initial stage:
The reforms started in the rural areas.
Farmers obtained the right of land use
4 special economic zones set up
14 coastal open cities designated
The three-stage strategy put forward by Deng Xiaoping
SHENZHEN
The second stage:
Reform priority shifted to the cities
Reform of state owned enterprises introduced
• Township and village enterprises flourished
• Special economic zone in Hainan and
development area of Pudong, Shanghai
declared
The third stage:
The objective of ‘a socialist market economy’ embraced
Reform of SOEs a major priority
• Accession to the WTO
• The principle of building rule of law enshrined
in Constitution
The fourth stage:
Further improvement of the socialist market
economy
The objective of building a moderately
prosperous society
The theory of scientific outlook on development
Protection of lawful private property enshrined in
Constitution
II. major achievements of reform and
opening up
Sustained and fast growth and qualitative leap
of comprehensive national strength
Farewell to the shortage economy and explosion
of consumption
Substantial reduction in poverty
Close integration with the global economy
1400
1200
1000
800
IMPORT
600
EXPORT
400
200
0
1978 1980 1985 1990 1995 2000 2005 2007
A vibrant and dynamic economy and society
Progress in building democracy and rule of law
III. experiences gained in the past 30 years
• Clearly defined objectives and Scientific
outlook on development
• Three-step strategy：
• First step: doubling per capita GDP during the 80s from $250
to $500.
• Second step: doubling per capita again by the end of the 20th
century to $1,000 and increasing overall GDP to $1 trillion,
turning China into a moderately prosperous society.
• Third step: quadrupling per capita GDP to $4,000 in 30 to 50
years.
• Adherence to reform and opening up in light
of China’s national conditions
• Improving living standards and social stability
• Commitment to peace, development,
cooperation and win-win outcome
IV. Major challenges and
difficulties facing China
• Pressure of population and employment
Resource scarcity and environmental pollution
Uneven urban-rural and regional development
Imbalances in economic structure
V. the Chinese economy amid the
global financial crisis
• 2008 is termed ‘the most difficult year’ for the
Chinese economy.
• The financial crisis is hitting China. Many SME
closures this year
• China’s counter-measures: a six hundred
billion dollars stimulus package
VI. Prospects in the coming 10 to 20 years
Development programme and strategy
Stability in macroeconomic management
Upgrading of industrial structure
More efficient use of resources and lower
energy intensity
• Central and western expansion
LANZHOU
Fast urbanization
• Expanding Transport Infrastructure
Better public services in education and health care
• Higher standard of living for all the people
• Emerging civil society
VII. factors underpinning sustained
growth in China
• abundant labour force
• a big domestic market
• rich capital reserves (savings and foreign
exchange reserve)
30 Years of Reform & Opening up
and Looking forward
LSE, 3 December 2008