The 'Four Modernizations' were four major goals set by Deng Xiaoping in China during the late 1970s and early 1980s to modernize various sectors of the country's economy.
Related terms
Special Economic Zones (SEZs): Designated regions within China where foreign investment was encouraged through tax incentives and other favorable policies.
State-Owned Enterprises (SOEs): Companies or industries that are owned and controlled by the government. China had to reform its SOEs as part of the 'Four Modernizations' to increase efficiency and competitiveness.
Open Door Policy: A policy that encouraged foreign trade and investment in China, facilitating economic development and integration with the global economy. This policy was closely associated with the 'Four Modernizations'.