A forecast states that China will become the world's largest economy in nominal GDP by 2028. It recently overtook the economy of the European Union in 2021.
It has been the second largest by nominal GDP since 2010, with data relying on fluctuating market exchange rates. China has the world's second largest economy when measured by nominal GDP, and the world's largest economy since 2014 when measured by Purchasing Power Parity (PPP). Ninety-one (91) of these SOEs belong to the 2020 Fortune Global 500 companies. As of the end of 2019, the total assets of all China's SOEs, including those operating in the financial sector, reached US$58.97 trillion In 2015`. State-owned enterprises accounted for over 60% of China's market capitalization in 2019 and generated 40% of China's GDP of US$15.98 trillion dollars (101.36 trillion yuan) in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%. The economy consists of state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in a system officially described as a socialist market economy. The People's Republic of China has a developing market-oriented economy that incorporates economic planning through industrial policies and strategic five-year plans. All values, unless otherwise stated, are in US dollars.
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