After 40 years of reform and opening up, China has established a successful socialist market economic system. Through comprehensive reforms, China’s economy has developed at a rapid pace. China’s economic structure has gradually become efficient and entered a "new normal" stage of development.
Since the founding of the People’s Republic of China, China’s GDP production structure has undergone three important changes.
During the past forty years of reform and opening up, China’s rapid economic development has been mainly attributed to the advantage of low-cost labor, resources and environment. After entering a new stage of development, China has developed a new strategy driven by innovation.
Over the past 40 years of reform and opening-up, China’s economy has been integrated into the development of the world economy and has made tremendous achievements, such as joining the World Trade Organization (WTO) in 2001. The sustained and steady growth of China’s economy has had a positive impact on China and the world economy. Ii has become one of the important driving forces for promoting world economic growth and prosperity.
China’s banking system consists of the central bank, regulatory agencies, self-regulatory organizations, and banking financial institutions.The People’s Bank of China is the country’s central bank.
