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China has the second largest economy in the world behind the United States. Despite the impacts of the COVID-19 pandemic, China's gross domestic product (GDP)
China has the second largest economy in the world behind the United States. Despite the impacts of the COVID-19 pandemic, China's gross domestic product (GDP) was about $15.6 trillion USD in 2021. Experts estimate that China's GDP will grow by 5 percent in 2022. China's top exports include computers, telephones, video displays, and vehicle parts. China continues to employ strict COVID-19 protocols including mass lockdowns, robust quarantine mandates, and extensive testing. These precautions have prevented disruptions to China's factory production and allowed for growth. Much of China's economy is still government-controlled. Sixty percent of the country's enterprises are state-owned, and generating 40 percent of the country's GDP in 2021. Entrepreneurs and investors may take profits from their businesses, but within limits dictated by government policy. More recently, China has recognized the importance of international trade and the development of special economic zones to attract foreign investors and to allow for economic growth. China still releases Five-Year Plans, which map out strategies for economic development, set growth targets, and launch reforms. In addition, China provides universal health coverage to 95 percent of its population. Another contributing factor to China's economic growth has been the government's use of both monetary and fiscal
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