Economy of China

Economy of China

Xusanjonova Feruza

The People's Republic of China has an upper middle income developing mixed socialist market economy that incorporates economic planning through industrial policies and strategic five-year plans. Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century.

• The People's Republic of China has an upper middle income developing mixed socialist market economy that incorporates economic planning through industrial policies and strategic five-year plans. Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century.

With 778 million workers, the Chinese labor force was the world's largest as of 2020. It ranks 28th on the Global Competitiveness Report. Per the Global Innovation Index in 2022, China was ranked 11th, 3rd in Asia & Oceania region and 2nd for countries with a population of over 100 million. It is the only middle-income economy and the only newly industrialized economy in the top 30 China ranks No.1 globally in patents, utility models, trademarks, industrial designs, and creative goods exports. It also has two (Shenzhen-Hong Kong-Guangzhou and Beijing in the 2nd and 3rd spots respectively) of the global top 5 science and technology clusters, which is more than any other country.[As of March 2022, China has over 500 million 5G users and 1.45 million base stations installed.[

• With 778 million workers, the Chinese labor force was the world's largest as of 2020. It ranks 28th on the Global Competitiveness Report. Per the Global Innovation Index in 2022, China was ranked 11th, 3rd in Asia & Oceania region and 2nd for countries with a population of over 100 million. It is the only middle-income economy and the only newly industrialized economy in the top 30 China ranks No.1 globally in patents, utility models, trademarks, industrial designs, and creative goods exports. It also has two (Shenzhen-Hong Kong-Guangzhou and Beijing in the 2nd and 3rd spots respectively) of the global top 5 science and technology clusters, which is more than any other country.[As of March 2022, China has over 500 million 5G users and 1.45 million base stations installed.[