BEIJING , China ( CNN ) -- China 's president has vowed to continue the economic reforms that have transformed the once poverty-riddled nation into an industrial powerhouse . Deng Xiaoping envisioned a modern , prosperous China . Speaking on the 30th anniversary of China 's decision to open itself up to the outside world , President Hu Jintao told a crowd of 6,000 at Beijing 's Great Hall of the People : `` Standing still and regressing will lead only to a dead end . '' Chinese leader Deng Xiaoping was the architect of the economic reform movement , which was to set the country on a radical new course when the first policies were approved on December 18 , 1978 . `` Reform and opening up are the fundamental causes of all the achievements and progress we have made , '' Hu said , according to state-run media . He said Deng 's vision three decades ago was `` completely correct . '' Over the past 30 years , China has maintained an average annual growth rate of 9.8 percent -- triple the world average , China 's Xinhua news agency reported . Watch as China marks 30 years of reform » . The Chinese gross domestic product soared from 360 billion yuan ( $ 53 billion ) in 1978 to 24.95 trillion yuan ( $ 3.7 trillion ) in 2007 , making China the world 's fourth-largest economy , according to Xinhua . However , Hu warned the Chinese people not to grow complacent , especially in the midst of the global economic crisis . He said China must continue to concentrate on economic development and diversification . `` We must adhere to the correct direction of reform and opening up so as to build a system that is full of vigor , highly efficient , more open and has a favorable environment for scientific development , '' he said .
Deng Xiaoping was the architect of the economic reform movement in 1978 . Reforms opened country up economically to the outside world . In 30 years China has maintained an average annual growth rate of 9.8 percent . China is now the world 's fourth-largest economy .