The economy of the People's Republic of China
The economy of the People's Republic of China is the third largest in the world, after the United States and Japan (2008) with a nominal GDP of US$4.91 trillion (2009)[4] when measured in exchange-rate terms. It is the second largest in the world after that of the U.S. with a GDP of $8.8 trillion (2009) when measured on a purchasing power parity (PPP) basis.[5] China has the 5th fastest-growing economy, and has had the fastest growing major economy for the past 30 years with an average annual GDP growth rate above 10%.[6] China's per capita income has likewise grown at an average annual rate of more than 8% over the last three decades drastically reducing poverty, but this rapid growth has been accompanied by rising income inequalities.[7] The country's per capita income is classified in the lower middle category by world standards, at about $3,180 (nominal, 104th of 178 countries/economies), and $5,943 (PPP, 97th of 178 countries/economies) in 2008, according to the IMF. China is the largest trading nation in the world and the largest exporter and second largest importer of goods.[8]
