The rise of China is due to the economic reforms [0] launched in the late 70s by Deng Xiaoping and continued by his successors:

The Communist Party authorities carried out the market reforms in two stages. The first stage, in the late 1970s and early 1980s, involved the de-collectivization of agriculture, the opening up of the country to foreign investment, and permission for entrepreneurs to start businesses. However, a large percentage of industries remained state-owned. The second stage of reform, in the late 1980s and 1990s, involved the privatization and contracting out of much state-owned industry. The 1985 lifting of price controls[11] was a major reform, and the lifting of protectionist policies and regulations soon followed, although state monopolies in sectors such as banking and petroleum remained. In 2001, China joined the World Trade Organization (WTO). The private sector grew remarkably, accounting for as much as 70 percent of China's gross domestic product by 2005.[12] From 1978 until 2013, unprecedented growth occurred, with the economy increasing by 9.5% a year.

[0] https://en.wikipedia.org/wiki/Chinese_economic_reform