The economy of China is a socialist one. It is the second largest economy of the world based on nominal Gross Domestic Product. In terms of purchasing power parity, it is the largest in the world based on reports by the International Monetary Fund. China is world’s quickest growing big economy. The economic growth rates have averaged about 10% for the last three decades. China is an international hub known for manufacturing and most importantly the biggest manufacturing world economy and the biggest goods exporter in the entire world. Essentially, china has been a leader in the economy of the world in many aspects that include a high growth of the consumer market and the in the imports as well.
It is undeniably that China is the biggest trading country in the universe and has played a very significant contribution in the world trade. Over the years, it has progressively engaged in trade organizations and most treaties formed in the recent past. The nation joined the World Trade Organization in 2001 its spirit of boosting its economic growth. It all began with the Chinese market reforms that took place in 1978. Since then, it moved from being a centrally focused economy to a market based economy. This made the country experience great social and economic development. China’s GDP growth has been of great help to more than five hundred million people from vulnerability and lack. For China, all the 2015 millennium goals have been almost or fully attained.
This growth in the economy has seen China take an increasing role in influencing the international economy. Despite these great achievements, China has remained a developing nation since the per capita income is relatively a fraction of that noticeable in developed nations. The reforms of the Chinese market are still incomplete. By 2012, almost 99 million Chinese people were living under the poverty line. The economy has been faced by the basic challenge posed by many poor people coming second in number after India. China has increasingly become a key figure in the world’s economy despite experiencing challenges of inequality, environmental sustainability, fast urbanization and external imbalances. There are also pressures coming from demographic features linked to an aging populace and the internal labor migration. Sustainable economic growth in China can be attained through policy adjustments. There is definitely unbounded hope in the future of China’s economy growth and establishment.