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Economic history of China (1949–present)
The economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present day. The speed of China's transformation in this period from one of the poorest countries to one of the world's largest economies is unmatched in history. Since Mao Zedong's 1949 proclamation of the People's Republic of China, the country has experienced a surprising and turbulent economic development process. It has experienced revolution, socialism, Maoism, and finally the gradual economic reform and fast economic growth that has characterized the post-Maoist period. The period of the Great Leap Forward and the Great Chinese Famine negatively impacted the economy. The chaos of the Cultural Revolution also disrupted the economy. The construction of the Third Front increased China's industrial development and infrastructure in its interior regions. Since the period of Reform and Opening Up began in 1978, China has seen major...
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