Deng Xiaoping was a Chinese statesman, revolutionary, and political theorist who served as the paramount leader of the People's Republic of China (PRC) from 1978 to 1989. Emerging as China's most influential figure after Mao Zedong's death in 1976, Deng consolidated political power and guided the country into an era of reform and opening up that transitioned the nation toward a socialist market economy. Credited as the "architect of modern China", he is recognized for shaping both socialism with Chinese characteristics and Deng Xiaoping Theory. As Paramount Leader of China, Deng acknowledged the need for "sweeping economic reforms that have challenged Marxist orthodoxies". In 1985, Deng had lifted price controls and eased the restrictions on private ownership and business. Wiki link