East Asian economies experienced an exceptional record of high and sustained economic growth during the 1990s. Between 1965 and 1990 , the twenty-three economies of East Asia grew faster than other economies in all other regions. Much of this success can be attributed to the seemingly miraculous growth of just eight high-performing Asian economies (HPAEs). Among these high-performing Asian economies, China has ranked as the second largest global economy after the United States since 2010. It has been the fastest growing economy in the world, with consistent growth rates of around 10 % over the last 30 years. Economic reforms coupled with the implementation of unorthodox policies have contributed significantly to China's extraordinary growth. China's success was first observed after it experienced a key change in its political and economic structure, when Deng, a pragmatic leader, came to power. He consolidated his power and began to implement his realistic policies, in order to lead China out of the destruction caused by the Cultural Revolution. Since 1978, China has undertaken major reforms of its economy. Political and social stability, economic productivity, and public and consumer well-being were considered paramount and indivisible. In 1978, the majority of the Chinese peasantry was still structured into communes, work brigades and production teams. Production costs were not even covered by purchase prices that were too low and the quantity of grain that producers could keep for consumption was capped. When Deng came to power, he allowed farmers to produce individually and allowed surplus production and additional cash crops to be sold in newly liberalized markets. Prices for various agricultural products......middle of paper......Fast? Staff Papers - International Monetary Fund, 103-131. Knack, S. and P. Keefer. 1995. Institutions and economic performance: International tests using alternative institutional measures. Economics and Politics 7(3): 207-227Kristof, ND (1993). The rise of China. Foreign Affairs, 59-74. Page, J. (1994). The East Asian Miracle: Four Lessons for Development Policy. NBER Macroeconomics Annual, 219 – 282. Perkins, D. H. (1988). Reforming the Chinese economic system. Journal of Economic Literature, 601-645. Quibria, M. (2002). Growth and poverty: lessons from the East Asian miracle revisited. Asian Development Bank Institute. Sachs, J.D. and Woo, W.T. (1997). Understanding China's economic performance. NBER Working Paper. Weiss, J. (2005). Export Growth and Industrial Policy: Lessons from the East Asian Miracle Experience. AfDB Institute Discussion Paper .