Chinese Economy

China has shown an incredible pattern of swift developmentwhile moving from a centrally planned economy to a marketeconomy. In the present day, China is a country whosemajority of population comes under upper middle-class incomecategory. China is a socialist market economy. The socialist marketeconomy is an economic model, which has been put in placeby People's Republic of China. This model, introduced underDeng Xiaoping, is established on a main state-run sector insidean open market economy.
From the time when market reforms were introduced in 1978, China has shown quick economic and social development. GDPrate is about 10% a year, one of the fastest rates in history ofeconomies, raising over 800 million people out of poverty line. According to IMF, China is the second largest economy of theworld based on nominal GDP and the largest economy of theworld based on by purchasing power parity, but China has notapproved this fact.
Public sector industries haves majorcontribution in the Chinese economy as compared to theflourishing private sector. Overall, China comprises of the naturalresources of $23 trillion. Along with one of the largest and fastest growing economies ofthe world, Chinese economy is also the largest manufacturerand exporter of products, and second largest importer ofproducts. Moreover, China is in free trade agreements with anumber of countries, together with ASEAN, Pakistan, Switzerland, Australia, South Korea, and New Zealand.
With thepopulation of about 1.37 billion, China is quickly adopting thesignificant role in growth of the global economy since the globalrecession of 2008. Despite every contribution China is makingin the world economy, it is still considered as a developingnation.