ABSTRACT
The reform of China, staring from the Third Plenary Session of the 11th Central Committee of the Chinese Communist Party in 1978, had been implemented for 30 years by 2008 and 40 years by 2018. During this period, China has undergone tremendous changes compared in the Chinese history, which is rather rare in the world economic history as well. Throughout the whole reform and opening-up period to date, namely 1978–2011, China’s economic growth rate maintained an annual rate of nearly 9.9%. Not only just the total economy but its per capita income growth is also a miracle. In 1990, China’s total gross domestic product only ranked 10th in the world. In 1995, China surpassed Canada, Spain and Brazil, ranking 7th. Since China adopted the reform and opening-up policy, it has not only achieved the world’s most rapid economic growth and maximized the improvement of its people’s living standards but also contributed to the largest poverty reduction in the world.
