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Nominal GDP sector composition, 2015 (in millions of 2005 USD): [5] [6] 2005 prices are used similarly to 2010 constant prices in which they provide economic statistics where inflation is accounted for.
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).
A 50 MW molten-salt power tower in Hami, Xinjiang, China. The industrial sector comprised 38.3% of the gross domestic product (GDP) 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.
This article also includes historical GDP growth. China's real GDP growth by decade since 1960s, with estimated rate for 2020s from the Bloomberg Terminal (WRGDCHIN) In 1985, the State Council of China (SCC) approved the establishment of a SNA (System of National Accounting), using GDP to measure the national economy. China started to study and ...
China also reported fourth-quarter GDP figures, which were slightly below expectations, bringing 2023 growth to 5.2%. GDP for the last three months of 2023 rose by 5.2%, China’s National Bureau ...
The state sector is a major part of China's economy, with SOEs accounting for approximately 25% of the national GDP as of 2020. [13]: 6 China's SOEs are among the largest global firms by revenue, and of the 135 Chinese companies on the Fortune Global 500 list (2023), 85 are state-owned.
China has set an ambitious economic expansion target of “around 5%“ for 2024, as its leaders vowed to “transform the growth model” in the face of significant challenges facing its development.
[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.