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The top 3 largest economies in Asia are China, Japan and India ‹ The template Pie chart is being considered for merging . China is the largest economy in Asia, comprising nearly half of the continent's gross domestic product.
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP).
By the late 2000s, China's economic growth rate exceeded 11% while India's growth rate increased to around 9%. One of the factors was the sheer size of the population in this region. Meanwhile, South Korea, Taiwan, Hong Kong and Singapore emerged as the Four Asian Tigers with their GDPs growing well above 7% per year in the 1980s and the 1990s.
Last year, China also set an “around 5%” target, in what was then the country’s lowest numerical target announced in decades. Earlier this year, it said economic growth had reached 5.2% in 2023.
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
The bank raised its full-year China GDP forecast to 4.9% from 4.7% and also upped its 2025 growth prediction to 4.7% from 4.3%. ... China's finance ministry hinted at another large stimulus ...
GDP comparisons using PPP are arguably more useful than those using nominal GDP when assessing the domestic market of a state because PPP takes into account the relative cost of local goods, services and inflation rates of the country, rather than using international market exchange rates, which may distort the real differences in per capita ...
China's economy expanded at an annual rate of 4.6% in the July-September quarter, the government said Friday, in the latest evidence that recent efforts to rev up growth have yet to take hold.