China marks 75 years since inception, as it stuns world with 'economic miracle'

China marks 75 years since inception, as it stuns world with ’economic miracle’ The People’s Republic of China (PRC) commemorates the 75th anniversary of its founding on October 1. “We must always stand firmly on the right side of history and on the side of human civilization and progress,“ stated Chinese President Xi Jinping at the Great Hall of the People in Beijing. Over the past decades, China has morphed from an agrarian country into a technological and global economic powerhouse. What’s behind China’s economic miracle? World’s factory: In the late 1970s, Chairman Deng Xiaoping launched the country’s transformation into “the world’s factory“ building upon Mao-era achievements. He set up “special economic zones“ along China’s southeastern coast, drawing foreign companies, technologies and investment to China; Massive boom: From 1978 to 2017, China’s economy expanded at an average annual rate of 9.5%, increasing roughly 35-fold, thereby lifting nearly 800 million people out of... Source: Sputnik International