Since the late 1970s, China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role. China implemented reforms slowly.

First China phased out collectivized (government controlled) agriculture. The government also allowed more freedom in prices, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment.

From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2017 China had the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.

Source: Economy — overview
Public Domain, Central Intelligence Agency