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Deng Xiaoping's economic plan, often referred to as "Socialism with Chinese Characteristics," aimed to modernize China's economy by introducing market-oriented reforms while maintaining the Communist Party's political control. Key components included decentralizing economic decision-making, allowing private enterprises, attracting foreign investment, and establishing Special Economic Zones (SEZs) to promote trade and innovation. This shift from a planned economy to a more market-driven approach significantly boosted China's economic growth and transformed it into one of the world's largest economies.

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