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, until it was surpassed by neighbouring India. Due to historical and political facts of China’s developing economy, China’s public sector accounts for a bigger share of the national economy thChina is the largest trading nation in the world and plays a vital 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 China–Australia Free Trade Agreement, China–South Korea Free Trade Agreement, ASEAN–China Free Trade Area, Switzerland and Pakistan.
On a per capita income basis, China ranked 77th by nominal GDP and 89th by GDP (PPP) in 2014, according to the International Monetary Fund (IMF). 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.an the burgeoning private sector.
To avoid the long-term socioeconomic cost of environmental pollution in China, it has been suggested by Nicholas Stern and Fergus Green of the Grantham Research Institute on Climate Change and the Environment that the economy of China be shifted to more advanced industrial development with high-tech, low carbon emissions with better allocation of national resources to innovation and R&D for sustainable economic growth in order to reduce the impact of China’s heavy industry. This is in accord with the planning goals of the central government.
Xi Jinping’s Chinese Dream is described as achieving the “Two 100s”: the material goal of China becoming a “moderately well-off society” by 2021, the 100th anniversary of the Chinese Communist Party, and the modernization goal of China becoming a fully developed nation by 2049, the 100th anniversary of the founding of the People’s Republic.