where does china's economy rank in the world
Economy of China The socialist market economy of the People's Republic of China[21] is the world's second largest economy by nominal GDP[1][22][23] and the world's largest economy by purchasing power parity.[24] Until 2015, China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years.[25][26] 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.[27][28] According to the IMF, on a per capita income basis China ranked 71st by GDP (nominal) and 78th by GDP (PPP) per capita in 2016. The country has an estimated $23 trillion worth of natural resources, 90% of which are coal and rare earth metals.[29] China also has the world's largest total banking sector assets of $39.9 trillion (252 trillion CNY) with $26.54 trillion in total deposits.[30][31]
Economic nationalism While the coining of the term "
List of countries by GDP (nominal) Although the rankings of national economies have changed considerably over time, the United States has maintained its top position since the Gilded Age, a time period in which its economy saw rapid expansion, surpassing the British Empire and Qing dynasty in aggregate output.[13][14] Since China's transition to a market-based economy through privatisation and deregulation,[15][16] the country has seen its ranking increase from ninth in 1978 to second to only the United States in 2016 as economic growth accelerated and its share of global nominal GDP surged from 2% in 1980 to 15% in 2016.[14][1] India has also experienced a similar economic boom since the implementation of economic liberalisation in the early 1990s.[17] When supranational entities are included, the European Union is the second largest economy in the world. It was the largest from 2004, when ten countries joined the union,[18] to 2014, after which it was surpassed by the United States.[19]
China China, officially the People's Republic of China (PRC), is a unitary sovereign state in East Asia and the world's most populous country, with a population of around 1.404 billion.[13] Covering approximately 9.6 million square kilometres (3.7 million square miles), it is the world's second-largest state by land area[19] and third- or fourth-largest by total area.[j] Governed by the Communist Party of China, it exercises jurisdiction over 22 provinces, five autonomous regions, four direct-controlled municipalities (Beijing, Tianjin, Shanghai, and Chongqing) and the Special Administrative Regions Hong Kong and Macau, also claiming sovereignty over Taiwan. China is a great power and a major regional power within Asia, and has been characterized as a potential superpower.[20][21]