Final answer:
Deng Xiaoping was responsible for transforming China's economy by introducing elements of capitalism in the late 1970s.
Step-by-step explanation:
In the late 1970s, Deng Xiaoping was responsible for transforming China's economy by introducing elements of capitalism. He implemented a set of economic reforms known as the 'Four Modernizations' which focused on agriculture, industry, defense, and science and technology. These reforms included breaking up collective farms, encouraging entrepreneurship, opening up the country to foreign investment, and allowing private management of state industries.