Economy of china

THE WORLD'S SECOND LARGEST ECONOMY

  China's socialist market economy is the world's second largest economy by nominal GDP, and the world's largest economy by purchasing power parity according to the IMF,although China's National Bureau of Statistics rejects this claim.Until 2015 China was the world's fastest-growing major economy, with growth rates averaging 10% 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.

  China is a global hub for manufacturing, and is the largest manufacturing economy in the world as well as the largest exporter of goods in the world.China is also the world's fastest growing consumer market and second largest importer of goods in the world. China is a net importer of services products.

  China is the largest trading nation in the world and plays the most important 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.China also has free trade agreements with several nations, including Australia, South Korea, ASEAN, New Zealand, Switzerland and Pakistan.