Since the PRC was founded in 1949, China has experienced a surpr

Since the PRC was founded in 1949, China has experienced a surprising and turbulent economic development process. It has experienced revolution, socialism, Maoism, and finally the gradual economic reform and fast economic growth that has characterised the post-Maoist period. The period of the Great Leap Forward famine and the chaos of the Cultural Revolution negatively impacted the economy. However, since the period of economic reform began in 1978, China has seen major improvements in average living standards and has experienced relative social stability. In that period, China has evolved from an isolated socialist state into a backbone of the world economy.