China has maintained a policy of stabilizing its economy, ineffective central control and isolation from the world economy, prior to the initiation of economic reform and trade liberalization nearly 40 years ago.
Since the opening up of foreign trade and investment and the implementation of free market reforms in 1979, China has been one of the fastest growing economies in terms of gross domestic product (GDP). An average of 9.5% as of 2018, which the World Bank considers “the fastest sustainable growth by one of the most important economies in history.”
Such growth has allowed the average China to double its GDP every eight years and lift some 800 million people out of poverty. China has become the world’s largest economy (on purchasing energy basis), manufacturers, traders and foreign exchange reserves.
China has become the largest trading partner of the United States, the source of imports and the third largest export market of the United States. China is also the largest holder of US securities, helping to fund federal debt and kept US interest rates low.