Faith in Reform

Since the end of the 1970s when China started its reform and opening-up, a consensus has been reached by the country’s top leaders that there is no way out if reform is not carried out. Under the cautious political atmosphere at that time, it required great determination, courage and wisdom to break through all the institutional barriers and red tape. Through experimenting with special economic zones, a market economy began to take shape across the country. After lengthy negotiations, China joined the World Trade Organization in 2001, improving its market economy and opening to the outside world on all fronts. In the first decade of the 21st century, China embarked on a fast track of development thanks to globalization and free trade. China has benefited from the fruits of its economic achievements, but also suffered from the great social transformation it has undergone. It is only the courage to push forward reform that has continuously propelled China to new heights.