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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.
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [27] 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).
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 ...
t. e. The People's Republic of China (PRC) became more influential economically in the 1990s and 2000s and was beginning to be widely recognized as an emerging superpower. In 2010, China became the world's second largest economy by nominal GDP and became the largest economy since 2014 measured by GDP PPP surpassing the United States which ...
The first one relates to the view that China is no longer gaining ground on the U.S. economy. While China's GDP did drop from 76% of U.S. GDP in 2021 to 67% in 2023, Lardy attributed that to ...
Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. Chinese leaders have pledged to ...
Industrialization of China. The industrialization of China refers to the process of China undergoing various stages of industrialization and technological revolutions. The focus is on the period after the founding of the People's Republic of China where China experienced its most notable transformation from a largely agrarian country to an ...
China's banking sector is dominated by four large state-owned banks, which are largely inefficient and monopolistic. [139] 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. [140]