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The speech “The Chinese Economic Reform” was delivered almost twenty years ago in 1988 by Milton Friedman, the foremost thinker of the twentieth century, at the prime of his life to the Chinese students and scholars in the San Francisco Bay Area. Today, it would be interesting to review the effectiveness of its predictions and suggestions against the backdrop of the reality of China becoming the fastest growing economy in the world. The speech was given by a master in practical economics and should be as timeless and universal for all developing nations.