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 . Deng Xiaoping was the architect of the economic reform movement in 1978 . The Chinese government has been trying to boost its economy for years, but it is still struggling with a huge trade deficit and high levels of debt. In 30 years China has maintained an average annual growth rate of 9.8 percent . China is now the world 's fourth-largest economy .
Deng Xiaoping was the architect of the economic reform movement in 1978 . The Chinese government has been trying to boost its economy for years, but it is still struggling with a huge trade deficit and high levels of debt. In 30 years China has maintained an average annual growth rate of 9.8 percent . China is now the world 's fourth-largest economy .