People's Republic of China

Overview

The early decades saw land reform and a Soviet-style planned economy. The Great Leap Forward (1958–62) ended in economic crisis and a severe famine, and the Cultural Revolution (1966–76) brought a decade of political upheaval.

Key developments

After Mao’s death in 1976, Deng Xiaoping launched reform and opening-up from 1978; market reforms and special economic zones drove rapid growth. China joined the WTO in 2001 and hosted the Beijing Olympics in 2008.

End and transition

The period continues to the present. In 2010, China became the world’s second-largest economy.