China's Reform and Opening Up and the Construction of Economic Development Zones : ACA Publishing : 9781910760154 : 1910760153 : 26 Jun 2017 : Initiated in 1978, China's reform and opening up is regarded as the greatest economic transformation in the country's history. By changing the property ownership system and altering the structure of resource distribution, the Communist Party was able to reform its former planned economy and open up its closed economic system. In the decades that have followed, China has pushed forward the reform of its economic, political, cultural, social and ecological systems. It has also intensified its economic interaction with other nations by relaxing, and even abolishing, many kinds of restrictive policies, in the process stimulating foreign trade and attracting huge amounts of overseas investment. China is now entering a crucial phase that requires even more thorough reform, complete opening up and constant improvement of the socialist market economic