China's Economic Growth (Yue San)

China's socialist market economy is the world's second largest economy by nominal GDP, and the world's largest economy according to purchasing parity according to the IMF; the accuracy of the IMF's report on China's purchasing power parity has since been questioned. It is the world's fastest growing major economy, with growth rates averaging 10% over the past 30 years but has been overtaken by India recently due to slowdown in its export driven economy. Due to historical and political facts of China's developing economy, China's public sector accounts for more share in the national economy with the burgeoning private sector. 

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. Services Account Balance from 2007 -2011 of China's economy has always been in slight deficit, and China is a net importer of Services products.