Since the death of Mao Zedong in 1976, China has achieved the most significant reforms in its economy. The introduction of market-oriented reforms starting in 1978 under the leadership of Deng Xiaoping transformed China's economy from a centrally planned system to a more market-oriented one. These changes included the decentralization of economic control, the opening up of China to foreign investment and trade, the establishment of Special Economic Zones (SEZs), and significant agricultural reforms.
These economic reforms have led to rapid economic growth, substantial increases in living standards, and the emergence of China as a major global economic power. As a result, China's GDP has increased dramatically, lifting hundreds of millions of people out of poverty and transforming the structure of the Chinese economy.