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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 2016 has been the world's largest economy when measured by purchasing power parity (PPP).
The new regulations affected Evergrande Group, China's second-largest property developer, and the Chinese real estate market as a whole. [5] In addition, the Chinese shadow banks, such as Sichuan Trust, have been greatly effected by the property sector crisis due to over lending and a crackdown on regulations. [6] [7]
The private sector in China, which competes with state-owned companies, contributes more than half of tax revenue, more than 60% of economic output and 70% of tech innovation, official estimates show.
China's real estate slowdown has reduced local government income. In 2022, land sale revenue dropped to 6.7 trillion yuan, a 23 percent decrease from 2021. This revenue made up 24 percent of total local government income, down from 30 percent the previous year. Taxes from land and property development also fell by 8 percent.
Jia, currently president of the China Academy of New Supply-side Economics, a private think tank, was quoted as saying the potential bond issuance of up to 10 trillion yuan was “not unreasonable ...
China's leadership is relying on an export surge to revive slumping growth, but those policies won't extract the world's second largest economy from the malaise that it's in, a top China watcher said.
Traditional political ideology promotes merit-based inequality. Official propaganda emphasizes that economic development requires some people to get rich first, and the resulting inequality is the price this society pays for development. [6] China's traditional political consciousness promotes inequality based on performance.
Retreat of the state, advance of the private sector [2] (Chinese: 国退民进; pinyin: guó tuì mín jìn), or state retreats and people advance, [3] [4] is an economic term referring to the phenomenon of private companies moving forward as state-owned enterprises retreat from economic life. [5]