The socialist market economy of the People’s Republic of China is the world’s second largest economy by nominal GDP and the world’s largest economy by purchasing power parity. Until 2015, China was the world’s fastest-growing major economy, with growth rates averaging 6% over 30 years. 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. 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. 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.
China is the world’s largest manufacturing economy and exporter of goods. It is also the world’s fastest-growing consumer market and second-largest importer of goods. China is a net importer of services products. It is the largest trading nation in the world and plays a prominent role in international trade and has increasingly engaged in trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001. It also has free trade agreements with several nations, including ASEAN, Australia, New Zealand, Pakistan, South Korea and Switzerland. The provinces in the coastal regions of China 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.