Since 2010, China has had the world's second-largest economy in terms of nominal GDP, totaling approximately US$15.66 trillion (101.6 trillion Yuan) as of 2020. In terms of purchasing power parity (PPP GDP), China's economy has been the largest in the world since 2014, according to the World Bank. China is also the world's fastest-growing major economy. According to the World Bank, China's GDP grew from $150 billion in 1978 to $14.28 trillion by 2019. China's economic growth has been consistently above 6 percent since the introduction of economic reforms in 1978. China is also the world's largest exporter and second-largest importer of goods. Between 2010 and 2019, China's contribution to global GDP growth has been 25% to 39%.