China's economy is described in the passage.
China's GDP was US$17.7 trillion (114.4 trillion yuan) in 2021, up 8.1% from the previous year in yuan terms, overtaking the European Union. According to the IMF, on a per capita income basis, China ranked 59th by GDP (nominal) and 73rd by GDP (PPP) in 2020.
China has become the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves. This in turn has made China a major commercial partner of the United States.
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