China economy

The economy of China has transitioned from a centrally-planned system to a more market-oriented economy since 1978 or earlier,[3][25] which as of 2019 ranked as the second largest in the world by nominal GDP[26][27][28] and as of 2017 the largest in the world by purchasing power parity.[29] China has the world's fastest-growing major economy, with growth rates averaging 6% over 30 years.[30][31] As of 2018, China's private sector accounted between 70% and 80% of the GDP;[32] the private sector is also responsible for 80% of urban employment and 90% of new jobs.[33] According to the IMF, on a per capita income basis, China ranked 73rd by GDP (PPP) per capita in 2019.[34] China's GDP was $14.3 trillion (99 trillion Yuan) in 2019.[35] The country has natural resources with an estimated worth of $23 trillion, 90% of which are coal and rare earth metals.[36] China also has the world's largest total banking sector assets of around $40 trillion (268.76 trillion CNY) with $27.39 trillion in total deposits.[37][38] It has the fourth-largest inward foreign direct investment,[39] and the eleventh-largest outward foreign direct investment.[40] China has the world's second-highest number of billionaires with total wealth of $996 billion.[41] Of the world's 500 largest companies, 129 are headquartered in China.[42] It has the world's largest foreign-exchange reserves worth $3.1 trillion.[43] Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century.[44][45][46]