<Tr> <Th> Foreign reserves </Th> <Td> $3.16 trillion (January 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 the People's Republic of China is the world's second largest economy by nominal GDP and the world's largest economy by purchasing power parity . 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 . According to the IMF, on a per capita income basis China ranked 71st by GDP (nominal) and 78th by GDP (PPP) per capita in 2016 . The country has an estimated $23 trillion worth of natural resources, 90% of which are coal and rare earth metals . China also has the world's largest total banking sector assets of $39.9 trillion (252 trillion CNY) with $26.54 trillion in total deposits . </P> <P> China is the world's largest manufacturing economy and exporter of goods . It is also the world's fastest - growing consumer market and second - largest importer of goods . China is a net importer of services products . It is the largest trading nation in the world and plays a prominent role in international trade and has increasingly engaged in trade organizations and treaties in recent years . China became a member of the World Trade Organization in 2001 . It also has free trade agreements with several nations, including ASEAN, Australia, New Zealand, Pakistan, South Korea and Switzerland . The provinces in the coastal regions of China tend to be more industrialized while regions in the hinterland are less developed . As China's economic importance has grown, so has attention to the structure and health of the economy . </P>

Where does china's economy rank in the world