China's 40-year miracle: From poverty to world's 2nd superpower

• China was one of the poorest countries in 1978, with an agrarian, closed economy, even poorer than Bangladesh.
• Deng Xiaoping initiated reforms in 1978, prioritizing economic results over communist ideology.
• Key reforms included establishing Special Economic Zones (SEZs) and implementing the "Household Responsibility System" in agriculture.
• China became the "Factory of the World" by leveraging cheap labor, land, and learning foreign technology, attracting massive foreign investment.
• Joining the WTO in 2001 and significant infrastructure investment propelled China to become the world's second-largest economy, now focusing on innovation.

Why It Matters: It explains how China transformed from a poor nation to a global economic superpower.