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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. [1]: 11.
GDP per capita in China (1913–1950) After the fall of the Qing dynasty in 1912, China underwent a period of instability and disrupted economic activity. During the Nanjing decade (1927–1937), China advanced in a number of industrial sectors, in particular those related to the military, in an effort to catch up with the west and prepare for war with Japan.
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, behind the United States, and since 2017 has been the world's largest economy when measured by purchasing power parity (PPP).
China's banking sector is dominated by four large state-owned banks, which are largely inefficient and monopolistic. [154] China's largest bank, ICBC, is the largest bank in the world. The financial sector is widely seen as a drag on the economy due to the inefficient state management. [155]
The gross domestic product of China in 2019 was CN¥ 99.08651 trillion, [4] or US$ 14.4 trillion (nominal). [5] China's nominal GDP surpassed that of Italy in 2000, France in 2005, the United Kingdom in 2006, Germany in 2007, Japan in 2010 and that of the Eurozone in 2018 making China the world's third largest economy after the European Union ...
As China’s growth slows, some economists have drawn comparisons with Japan, which experienced two “lost decades” of stagnant growth and deflation after its real estate bubble burst in early ...
China, for the last two millennia, was one of the world's largest and most advanced economies. [1][2][3] Economic historians usually divide China's history into three periods: the pre-imperial era before the rise of the Qin; the early imperial era from the Qin to the rise of the Song (221 BCE to 960 CE); and the late imperial era, from the Song ...
It was the beginning of an era the World Bank has called “the fastest sustained expansion by a major economy in history.” China’s real annual GDP growth surged an average of 9.5% between ...