The socialist market economy of the People’s Republic of China[18] is the world’s second largest economy by nominal GDP[1][19][20] and the world’s largest economy by purchasing power parity.[21] Until 2015, China was the world’s fastest-growing major economy, with growth rates averaging 6% over 30 years.[22][23] Due to historical and political facts of China’s developing economy, China’s public sector accounts for a bigger share of the national economy than the burgeoning private sector.[24][25] According to the IMF, on a per capita income basis China ranked 67th by GDP (nominal) and 73rd by GDP (PPP) per capita in 2018. The country has an estimated $23 trillion worth of natural resources, 90% of which are coal and rare earth metals.[26] China also has the world’s largest total banking sector assets of $39.93 trillion (268.76 trillion CNY) with $27.39 trillion in total deposits.[27][28]

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China is the world’s largest manufacturing economy and exporter of goods.[29] It is also the world’s fastest-growing consumer market and second-largest importer of goods.[30] China is a net importer of services products.[31] It is the largest trading nation in the world and plays a prominent role in international trade[32][33] and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001.[34] It also has free trade agreements with several nations, including ASEAN, Australia, New Zealand, Pakistan, South Korea and Switzerland.[35] The provinces in the coastal regions of China[36] tend to be more industrialized while regions in the hinterland are less developed. As China’s economic importance has grown, so has attention to the structure and health of the economy.[37][38]

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