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china wa the first country in the world to raise​

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This article is about the economy of the People's Republic of China. For the economy of the Republic of China, see Economy of Taiwan. For the book, see The Chinese Economy: Transitions and Growth. For other uses, see Economy of China (disambiguation).

The economy of China has transitioned from a centrally-planned system to a more market-oriented economy since 1978 or earlier,[3][26] which as of 2019 ranked as the second largest in the world by nominal GDP[27][28][29] and as of 2017 the largest in the world by purchasing power parity.[30] China has the world's fastest-growing major economy, with growth rates averaging 10% over 30 years.[31][32] As of 2018, China's private sector accounted between 70% and 80% of the GDP;[33] the private sector is also responsible for 80% of urban employment and 90% of new jobs.[34] According to the