Greetings, my name is Albert Park. I'm the director or the Institute for Emerging Markets Studies and a professor in the Social Science division and Economic Department at the Hong Kong University of Science and Technology. I'm standing here at the economic gateway to China. Behind me are the massive container ports of Hong Kong. Through which more that 300 billion US dollars of goods, produced by the factory of the world, are shipped each year to destinations around the globe including to stores near your home. What a great vantage point for appreciating China's remarkable economic transformation, a process which began more than three decades ago. [MUSIC] In 1978, after nearly 30 years of socialist planning under Mao Zedong. China was one of the world's poorest countries, saddled with a highly inefficient, inward looking, economy. [MUSIC] With the ascension of Deng Xiaoping, China undertook fundamental economic reforms that unleashed market forces, opened the country to the outside world, and lifted millions of Chinese out of poverty. From 1978 through 2015, China grew at an average annual growth rate of 10% per year. Today, China has the largest GDP of any country in the world, measured by purchasing power parity. It is the world's largest trading nation. Not surprisingly, these days, it's nearly impossible to read the news without confronting headlines about China. Or work in a sector that does not require engagement with China. For a country of over a billion people, to grow so fast for so long, is an unprecedented historical achievement. But how could such a remarkable transformation occur? What reforms made it happen? And how have they affected the lives of Chinese citizens? Can rapid economic growth continue? And if so, for how long? What are the key challenges currently facing the Chinese economy? If you are interested in learning the answers to these questions, I welcome you to take this course on China's economic transformation. [MUSIC] The course consists of two parts. Part one is on economic reform and growth in China. In this part of the course, you will learn about China's key economic reforms in different sectors, in China's macro development, including the role of international trade and investment, and the sources of economic growth. [MUSIC] Part two focuses on the human dimensions of economic development. Covering topics such as demographic changes caused by the one child policy, China's massive rural to urban migration, and poverty and inequality in China. [MUSIC] In both parts of the course, we will visit China together. And speak with firm managers and other individuals affected by China's economic reforms. >> There's a big debate in China, even though Xi Jinping has become a kind of movement. >> To discuss some critical issues, we will interview leading experts in the field. >> They grew very fast. >> I have been conducting research and teaching about the Chinese economy for two and a half decades. I've organized a large number of surveys of households, workers and firms in all parts of China. Through these many projects, I've gained many firsthand insights into the Chinese economy. If you want to gain a deeper understanding about how the Chinese economy works, and what it means for China's future, you need to take this course.