Answer:
The Chinese Economic Reform refers to the program of economic reforms called "Socialism with Chinese characteristics" in the People's Republic of China (PRC), which was started in December 1978 by reformists within the Communist Party of China (CPC) led by Deng Xiaoping . The goal of China's economic reform was to transform China's planned economy into a market economy.
The success of China's economic reforms has resulted in massive changes in Chinese society. Poverty was drastically reduced, as wealth and economic inequality increased, leading to a violent reaction of the New Maoist Left. In the academic scene, scholars have debated the success of Chinese economic reforms and compared them with attempts to reform socialism in the Eastern Bloc and the growth of other developing economies.
