China is the world's second largest economy by nominal GDP, and the world's largest economy by purchasing power 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.
China is a global hub for manufacturing, and is the largest manufacturing economy in the world, as well as the largest exporter of goods in the world. China is also the world's fastest growing consumer market and second largest importer of goods.
China is the largest trading nation in the world and plays a vital role in international trade, and has increasingly engaged with trade organizations and treaties in recent years. China became a member of the World Trade Organization in 2001, and concluded a trade agreement with the ASEAN nations in 2010. China also has free trade agreements with several nations, including Switzerland and Pakistan.
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.