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Since the Reform and Opening Up period, China has evolved into a backbone of the world economy. [2] China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached US$2.286 trillion in 2005. [3]
The economic stimulus plan was seen as a success: While China's economic growth fell to almost 6% by the end of 2008, it had recovered to over 10% by in mid-2009. Critics of China's stimulus package have blamed it for causing a surge in Chinese debt since 2009, particularly among local governments and state-owned enterprises .
April 16 – The government of the People's Republic of China releases economic data for Q1 2009, showing a rise in GDP by 6.1%, fall in CPI by 1.2% during March, PPI down 4.6%, industrial output by 5.1%, retail sales up 15%, and fixed asset investment up 28.8%. [25] April 22 –
The gross domestic product of India was estimated at 24.4% of the world's economy in 1500, 22.4% in 1600, 16% in 1820, and 12.1% in 1870. India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s.
China's factories picked up their pace and retail sales also gained momentum in August, the government reported Friday, suggesting the economy may be gradually recovering from its post-pandemic ...
China's yuan has been under depreciation pressure this year amid rising headwinds for the broad economy, and an escalating Sino-U.S. trade dispute also heightened worries over growth outlook.
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 2016 has been the world's largest economy when measured by purchasing power parity (PPP).
The United States on Tuesday criticized China for reducing the transparency of its reporting on basic economic data in recent months, and for cracking down on firms in China that had been ...