As of 2018, China was first in the world in total number of billionaires and second in millionaires – there were 658 Chinese billionaires and 3.5 million millionaires. China is the wealthiest nation in the world. It has the second largest outward foreign direct investment, at US$136.91 billion for 2019 alone, following Japan at US$226.65 billion for the same period. China is the largest recipient of foreign direct investment in the world as of 2020, receiving inflows of $163 billion. The total foreign financial assets owned by China reached US$7.860 trillion, and its foreign financial liabilities US$5.716 trillion, making China the second largest creditor nation after Japan in the world. As of the end of June 2020, FDI stock in China reached US$2.947 trillion, and China's outgoing FDI stock stood at US$2.128 trillion. Direct foreign investment in China, which totaled about US$1.6 trillion as of the end of October 2016, directly and indirectly contributed about one-third of China's GDP and a quarter of jobs there. China also has the world's largest total banking sector assets of around $45.838 trillion (309.41 trillion CNY) with $42.063 trillion in total deposits and other liabilities. The country has natural resources with an estimated worth of $23 trillion, 90% of which are coal and rare earth metals. China's GDP was $15.66 trillion (101.6 trillion yuan) in 2020. According to the IMF, on a per capita income basis, China ranked 59th by GDP (nominal) and 73rd by GDP (PPP) in 2020. Īs of 2019, China's public sector accounted for 76% of total employment.
As of the end of September 2020, foreign holdings of Chinese bonds reached US$388 billion, or 2.5%, of the total value, notwithstanding an increase by 44.66% year on year. with US$40 trillion, as of the beginning of September 2020. The total value of China's bond market topped US$15.4 trillion, ranked above that of Japan and the U.K., and second only to that of the U.S. As of the end of June 2020, foreign investors had bought a total of US$440 billion in Chinese stocks, representing about 2.9% of the total value, and indicating that foreign investors scooped up a total of US$156.6 billion in the stocks just in the first half of 2020.
As of 12 October 2020, the total market capitalization of Mainland Chinese stock markets, consisting of the Shanghai Stock Exchange and Shenzhen Stock Exchange, topped US$10 trillion, excluding the Hong Kong Stock Exchange, with about US$5.9 trillion. China has three of the world's ten largest stock exchanges ( Shanghai, Hong Kong and Shenzhen), both by market capitalization and by trade volume. China has four of the world's top ten most competitive financial centers ( Shanghai, Hong Kong, Beijing, and Shenzhen), more than any other country. As a result, China has the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. The government began its economic reforms in 1978 under the leadership of Deng Xiaoping. Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century. An official forecast states that China will become the world's largest economy in nominal GDP by 2028. 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), which according to some economists is a more accurate measure of an economy's true size. 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$78.08 trillion. State-owned enterprises accounted for over 60% of China's market capitalization in 2019 and generated 40% of China's GDP of US$15.66 trillion in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%. Dominated by state-owned enterprises (SOEs) and mixed-ownership enterprises, the economy also consists of a large domestic private sector and openness to foreign businesses in a system described as a socialist market economy. The economy of the People's Republic of China is a developing market-oriented mixed 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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