In late 1978 the Chinese leadership began moving the economy from a sluggish Soviet-style centrally planned economy to a more market-oriented system. Whereas the system operates within a political framework of strict Communist control, the economic influence of non-state managers and enterprises has been steadily increasing. The authorities have switched to a system of household responsibility in agriculture in place of the old collectivization, increased the authority of local officials and plant managers in industry, permitted a wide variety of small-scale enterprise in services and light manufacturing, and opened the economy to increased foreign trade and investment.

GDP: purchasing power parity - $4.5 trillion (2000 est.)

GDP - real growth rate: 8% (2000 est.)

GDP - per capita: purchasing power parity - $3,600 (2000 est.)

GDP - composition by sector: agriculture: 15%

note: beginning 1 January 1994, the People's Bank of China quotes the midpoint rate against the US dollar based on the previous day's prevailing rate in the interbank foreign exchange market

Fiscal year: calendar year