Inheriting a China wrought with social and institutional woes left over from the devastating Cultural Revolution and other mass political movements of the Mao era, Deng was the core of the second generation Chinese leadership. He was instrumental in introducing a new brand of socialist thinking, having developed Socialism with Chinese characteristics and Chinese economic reform (also known as the socialist market economy) and partially opened China to the global market. He is generally credited with advancing China into becoming one of the fastest growing economies in the world and vastly raising the standard of living. For this achievement he is sometimes known as "The Venerated Deng".
 
Economic Reforms and Opening Up
The new, pragmatic leadership after Mao emphasized economic development and renounced mass political movements. At the pivotal Third Plenum of the 11th CCP Congress, opened on 22 December 1978, the leadership adopted economic reform policies known as the Four Modernizations. These tenets aimed at expanding rural income and incentives, encouraging experiments in enterprise autonomy, reducing central planning, and establishing direct foreign investment in Mainland China. The Plenum also decided to accelerate the pace of legal reform, culminating in the passage of several new legal codes by the National People's Congress in June 1979.
The goals of Deng's reforms were summed up by the Four Modernizations: the modernization of agriculture, industry, science and technology, as well as the military. The strategy for achieving these aims, all of which were designed to help China become a modern, industrial nation, was "socialism with Chinese characteristics". It opened a new era in Chinese history known as "Reforms and Opening Up to the Outside World.”
Deng championed the idea of Special Economic Zones (SEZs), areas where foreign investment would be allowed to pour in without strict government restraint and regulations, running on a basically capitalist system. Deng laid emphasis on light industry as a stepping stone to the development of heavy industries. Supporters of the economic reforms point to the rapid development of the consumer and export sectors of the economy, the creation of an urban middle class that now constitutes 15% of the population, higher living standards (which is shown via dramatic increases in GDP per capita, consumer spending, life expectancy, literacy rate, and total grain output) and a much wider range of personal rights and freedoms for average Chinese as evidence of the success of the reforms.