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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).
[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.
It accounted for 25.4% of global GDP in 1 CE, 29% of world global output in 1600 CE, 17.3% of the world's economy in 1870, and 33% in 1820 (its highest point). China's share of global GDP varied from a quarter to a third of global output until the late 19th century. [12]
For decades since China re-opened to the world in 1978, it was one of the fastest growing major economies on Earth. Between 1991 and 2011, it grew by 10.5% annually.
Gao's assessment of China's economy comes as the country struggles to recover from pandemic lockdowns. The world's second-largest economy is facing multiple issues, including a real-estate crisis ...
Chinese leaders wrapped up a two-day planning meeting in Beijing on Thursday with pledges to take a more proactive approach in pepping up the world's second-largest economy, but gave no details on ...
The first set of data on the left columns of the table includes estimates for the year 2023 made for each economy of the 196 economies (189 U.N. member states and 7 areas of Aruba, Hong Kong, Kosovo, Macau, Palestine, Puerto Rico, and Taiwan) covered by the International Monetary Fund (IMF)'s International Financial Statistics (IFS) database ...
China, the world's second-largest economy, is dealing with multiple challenges, including a property crisis, deflation, and high youth unemployment.