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As the third largest economy after the United States and Japan, China's startling economic growth has spurred increasing interest in the economic, social, and political factors that catapulted the country to sudden prominence. This case starts with an overview of the country's ancient and modern history, and then focuses on the dramatic transition in the mid-twentieth century under Communist rule. The case analysis divides recent economic reforms into three distinct phases: reform in the countryside (1978-84), financial and enterprise reform (1984-88), and current efforts at monetary and fiscal reform following the Tiananmen crisis of 1989.