China is the world's second largest economy by nominal GDP, and the world's largest economy by purchasingpower parity, according to the IMF. It is the world's fastest-growing major economy, with growth rates averaging 10 percent over the past 30 years.
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. Xi Jinping’s Chinese Dream is described as achieving the two 100s: the material goal of China becoming a ‘moderately well-off society’ by 2021, the 100th anniversary of the Chinese Communist Party, and the modernization goal of China becoming a fully developed nation by 2049, the 100th anniversary of the founding of the People’s Republic.
The internationalization of the Chinese economy continues to affect the standardized economic forecast, officially launched in China by the Purchasing Managers Index in 2005. At the start of the 2010s, China became the sole Asian nation to have a GDP above the $10 trillion mark, a place it holds along with the United States and the European Union.