Wanted: A New Miracle

China's remarkably successful economic growth model is being sorely tested by the global downturn. Here's how the country can get its boom back

Ian Teh / Panos

Migrant construction workers like these Beijing commuters are becoming casualties of China's economic slowdown

Huang Shaobi was just 7 years old, growing up dirt poor in southeast China, when the world she would inherit changed forever. It was 30 years ago--December 1978--when China's leadership decided the time had come for their country to open up its economy and embrace something akin to capitalism. The monumental shift--China under Mao Zedong had been a centrally planned economic disaster--reflected the growing, behind-the-scenes influence of a man few in the West had then heard of: Vice Premier Deng Xiaoping. China, the ruling Communist Party decreed back then, "required great growth in the productive forces." And Deng was smart enough...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!