<Tr> <Th> Foreign reserves </Th> <Td> $3.16 trillion (Jan. 2018) </Td> </Tr> <Tr> <Td_colspan="2"> Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars . </Td> </Tr> <P> The socialist market economy of China is the world's second largest economy by nominal GDP and the world's largest economy by purchasing power parity according to the International Monetary Fund (IMF), although China's National Bureau of Statistics denies the latter assessment . </P> <P> Until 2015, China was the world's fastest - growing major economy, with growth rates averaging 10% over 30 years . 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 . </P>

What kind of economic system does china use