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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 economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present day. The speed of China's transformation in this period from one of the poorest countries to one of the world's largest economies is unmatched in history.
China, [i] officially the People's Republic of China (PRC), [j] is a country in East Asia. With a population exceeding 1.4 billion, it is the second-most populous country after India, representing 17.4% of the world population.
The 11th Five-Year Plan of China, officially the 11th Five-Year Plan for Economic and Social Development of the People's Republic of China, was a set of economic goals designed to strengthen the Chinese economy between 2006 and 2010.
A 50 MW molten-salt power tower in Hami, Xinjiang, China. The industrial sector comprised 38.3% of the gross domestic product (GDP) of the People's Republic of China in 2023. [1] China is the world's leading manufacturer of chemical fertilizers, cement and steel. Prior to 1978, most output was produced by state-owned enterprises.
[20]: 45 Following United States President Donald Trump's emphasis on decoupling the U.S. from China and the U.S. government placing Chinese companies on the Entity List, Yu's view is that dual circulation has now also become a matter of security for China. [20]: 45 China must therefore act to ensure its China's food and energy security. [10]
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China faces a problem with air quality as a consequence of industrialization. China ranks as the second largest consumer of oil in the world, and "China is the world's top coal producer, consumer, and importer, and accounts for almost half of global coal consumption.”, [55] as such their CO 2 emissions reflect the usage and production of ...