How did Deng Xiaoping reform China's economy?
We implemented 'Reform and Opening Up' by gradually introducing market mechanisms and decentralizing economic decision-making. This included establishing Special Economic Zones to attract foreign investment and technology, and reforming agricultural production through the household responsibility system. We opened our doors to the world, allowing for greater trade and exchange. The key was to unleash the productive forces of our society. This was a controlled process, ensuring stability while allowing for innovation and growth. The aim was to build a socialist market economy, not to abandon socialism.
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