China's recent growth miracle is a result of institutional changes that began in the late 1970s.

Question

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China's economic reforms began in the late 1970s, under the leadership of Deng Xiaoping. These reforms included the introduction of market mechanisms, privatization of state-owned enterprises, and openness to foreign investment. The institutional changes that followed, such as the establishment of special economic zones, paved the way for China's rapid economic growth.

China's Recent Growth Miracle Is a Result of Institutional Changes