No turning back: China 30 years after capitalist reform
Chinese president Hu Jintao hails 30-year-old reforms that set country on path towards capitalist economy
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Thursday, 18, Dec 2008 12:05
China's president has hailed the 30-year-old reforms that set the country on its path towards a capitalist economy.
Marking the anniversary in Beijing, Hu Jintao eulogised over the role played by de facto Chinese leader Deng Xiaoping in opening the country up to the world after the death of Mao Zedong.
Since then the country has enjoyed average annual growth of ten per cent as its economy grew to the fourth-largest in the world, with 235 million people being lifted out of poverty and disposable income rising from 343 yuan (£32) to 13,786 yuan (£1,303).
Addressing up to 6,000 senior figures in the Communist party of China (CPC), which Mr Hu is the general secretary of its central committee, in Beijing's Great Hall of the People, the Chinese president said the country's path was set.
"There's no way for us to turn back," he said. The future development of China must depend on reform and opening up.
"Since the reform and opening up, the fundamental reason for all the achievements and progress we have made has been our creation and development of the socialism with Chinese characteristics."
China's economy has not been immune from the global credit crunch, with exports and foreign investment both taking a severe hit.
Despite millions being lifted out of poverty, 100 million people in China still survive on less than one dollar (65p) a day, while human rights abuses remain entrenched.