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1. Introduction
China`s economic development has been one of the most remarkable stories of the contemporary world, transforming the nation into the second-largest economy globally. The journey began in the late 1970s when China initiated a series of reforms aimed at opening up its economy and transitioning from a planned economy to a more market-oriented one. This shift came under the leadership of Deng Xiaoping, who recognized the need to embrace economic reforms to improve living standards and stimulate growth after decades of economic stagnation under strict communist policies. The introduction of the `Four Modernizations` in agriculture, industry, national defense, and science and technology marked the beginning of a new era. This approach encouraged decentralization and allowed local governments and enterprises to play a significant role in economic development, leading to increased productivity and efficiency. The establishment of Special Economic Zones (SEZs) in coastal ci
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