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From: MDBG CC-CEDICT Chinese-English Dictionary 漢英字典

 改革開放 [ㄍㄞˇ ㄍㄜˊ ㄎㄞ ㄈㄤˋ; gai3 ge2 kai1 fang4]
 to reform and open to the outside world
 refers to Deng Xiaoping's policies from around 1980