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  1. China's was the only major world economy to experience GDP growth in 2020, when its GDP increased by 2.3%. [101] However, it posted one of its worst economic performances in decades because of COVID-19 in 2022. [102] In 2023, IMF predicted China to continue being one of the fastest growing major economies. [103]

  2. China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP). China accounted for 19% of the global economy in 2022 in PPP terms, and around ...

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  4. Lessons from history. The first two decades following the founding of the People’s Republic of China in 1949 was marked by periods of substantial growth in per capita GDP growth, the growth of output per person, followed by sharp reversals. The authors of the NBER paper suggest this represented the success of the First Five-Year Plan, during ...

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