The transition of leadership in China has been remarkably peaceful and smooth. As can be seen Deng Xiao Ping adopted market economy in December 1978. Deng Xiaoping (1978-1987) was instrumental and responsible for modernization and reform. Premier Zhu RongJi (1988-2003) paved the way for China's entry into World Trade Organization (WTO). President Jiang Zemin (1993-2003), theory of promoting business and entrepreneurial class into the country's one-party system, helped China's economic expansion. Current president Xi Jinping launched the economic development of the silk route countries, clamped down on corruption by rooting out high party members and military brass, has launched a rural development program to close distributional and development gaps, and promote social equity.
The economic innovation in China started in the early eighties beginning with Deng Xiaoping through Hujintao implementing innovative economic policies which lifted China's sluggish economy by introducing private ownership, market economy, and less governmental control contributing to robust economic performance. A succession of leadership in China including president Hu Jinping and follow-up by the current president Xi Jinping's flexible and innovative economic policy took advantage of globalization and export orientation, attracting foreign investment, and maintaining a sound monetary and fiscal policy. China became a member of the World Trade Organization (WTO) and hosted a very successful International Olympic Games.