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The year 2018 marks the 40th anniversary of China's reform and opening up. A review of China's achievements and experience in its economic reform and an analysis of future challenges are essential for further deepening the reform, achieving the "Two Centenary Goals," and realizing the Chinese Dream of national rejuvenation. The reform and opening up allowed China to catch up with the rest of the world in leaps and bounds, enabling a remarkable transition from a newly independent semi-colonial state to a prosperous country, especially in terms of economic development.