Title: Economy of China
Content:  The economy of the People's Republic of China is a developing market-oriented mixed economy that incorporates economic planning through industrial policies and strategic five-year plans. Dominated by state-owned enterprises (SOEs) and mixed-ownership enterprises, the economy also consists of a large domestic private sector and openness to foreign businesses in a system described as a socialist market economy. State-owned enterprises accounted for over 60% of China's market capitalization in 2019 and generated 40% of China's GDP of US$15.66trillion in 2020, with domestic and foreign private businesses and investment accounting for the remaining 60%. As of the end of 2019, the total assets of 
Title: China
Content:   From its founding in 1949 until late 1978, the People's Republic of China was a Soviet-style centrally planned economy. Following Mao's death in 1976 and the consequent end of the Cultural Revolution, Deng Xiaoping and the new Chinese leadership began to reform the economy and move towards a more market-oriented mixed economy under one-party rule. Agricultural collectivization was dismantled and farmlands privatized, while foreign trade became a major new focus, leading to the creation of Special Economic Zones (SEZs). Inefficient state-owned enterprises (SOEs) were restructured and unprofitable ones were closed outright, resulting in massive job losses. Modern-day China is mainly characterized as having a market economy based on private property ownership, and is one of the leading examples of state capitalism. The state still dominates in strategic "pillar" sectors such as energy production and heavy industries, but private enterprise has expanded enormously, with around 
Title: Economy of China
Content:  Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century. China accounted for around one-quarter of the global GDP until the late 1700s and approximately one-third of the global GDP in 1820 as the Industrial Revolution was beginning in Great Britain. China's GDP in 1820 was six times as large as Britain's, the largest economy in Europe – and almost twenty times the GDP of the nascent United States. The government began its economic reforms in 1978 under the leadership of Deng Xiaoping. As a result, China has the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Since the 12th National Congress of the Chinese Communist Party in 1982, the economy has been described as a "socialist market economy with Chinese Characteristics".
Title: Economic history of China (1949–present)
Content:  The economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present day. China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, based on government statistics. Its GDP reached $USD 2.286 trillion in 2005. Since the end of the Maoist period in 1978, China has been transitioning from a state dominated planned socialist economy to a mixed economy. This transformation required a complex number of reforms in China's fiscal, financial, enterprise, governance and legal systems and the ability for the government to be able to flexibly respond to the unintended consequences 
Title: Economy of China
Content:  The economic reforms implemented in 1978 helped to propel China into the ranks of the world's major economic powers. The economic development of Shenzhen has caused the city to be referred to as the world's next Silicon Valley. The provinces in the coastal regions of China tend to be more industrialized while regions in the hinterland are less developed. To guide economic development, the Chinese central government adopts "five-year plans" that detail its economic priorities and essential policies. The Fourteenth Five-Year Plan (2021–2025) is currently being implemented, placing an emphasis on consumption-driven growth and technological self-sufficiency while China transitions from being an upper middle-income economy to a high-income economy. The public sector plays a central role in China's economy. This development is 
Title: Africa–China economic relations
Content:  The People's Republic of China began to pursue market socialism in the 1970s under the leadership of Deng Xiaoping. This marked the change to capitalist practices as the foundation of the PRC's socioeconomic development, a process initiated several decades earlier following the aftermath of the Great Leap Forward. Beginning in 1980, the PRC initiated a policy of rapid modernization and industrialization, resulting in reduced poverty and developing the base of a powerful industrial economy. As of 2018, the PRC had the second largest nominal GDP in the world, at $13.456 trillion, and the largest GDP by purchasing power parity at $23.12 trillion. Today, the PRC faces a growing shortage of raw materials such as oil, wood, copper, and aluminum, all of which are needed to support its economic expansion and the production of manufactured goods.
Title: Socialism
Content:  amount of labour necessary to produce an article of exactly similar and equal utility". The current economic system in China is formally referred to as a socialist market economy with Chinese characteristics. It combines a large state sector that comprises the commanding heights of the economy, which are guaranteed their public ownership status by law, with a private sector mainly engaged in commodity production and light industry responsible from anywhere between 33% to over 70% of GDP generated in 2005. Although there has been a rapid expansion of private-sector activity since the 1980s, privatisation of state assets was virtually halted and were partially reversed in 2005. The current Chinese economy consists of 150 corporatised state-owned enterprises that report directly to 
Title: Economy of China
Content:  The output of China's services in 2015 ranks second worldwide after the United States. High power and telecom density has ensured that the country has remained on a high-growth trajectory over the long term. In 2015 the services sector produced 52.9% of China's annual GDP, second only to manufacturing. However, its proportion of GDP is still low compared to the ratio in more developed countries, and the agricultural sector still employs a larger workforce. Prior to the onset of economic reforms in 1978, China's services sector was characterized by state-operated shops, rationing, and regulated prices – with reform came private markets, individual entrepreneurs, and a commercial sector. The wholesale and retail trade has expanded quickly, with numerous shopping malls, retail shops, restaurant chains and hotels constructed in urban areas. Public administration remains a main component of the service sector, while tourism has become a significant factor in employment and a source of foreign exchange.
Title: Informal economy of China
Content:  The informal economy of the People’s Republic of China refers to a range of informal economic activity that stands outside of the recognized systems of regulations, taxation, and licenses. Although the term is sometimes understood to describe marginal, unregulated, and even criminal activity, there is considerable overlap between the informal sector and formal economy, and the informal economy serves an important societal function in contributing to employment and economic growth. The informal economy in China represents a large portion of domestic output, consumption and employment. Employment in the urban sector represents a major part of the Chinese economy: approximately half of urban Chinese workers belong to the informal economy as of 
Title: Informal economy of China
Content:  The informal economy in China, as it is currently conceptualized, arose amidst economic reforms that began in the 1970s. Prior to 1978, the centralized economy under Mao Zedong precluded the emergence of a private economy. As the country’s economy was liberalized and reformed under Deng Xiaoping, however, the private economy was permitted to develop, and often emerged in the form of unregulated micro-enterprises, family enterprises, or individual purveyors of goods and services. Some of the causes accounting for the rise of the informal sector of the Chinese economy includes weak legal and social safety nets; international demand for ‘System D’ products; economic shifts such as urbanization and the decline of state-owned enterprises.

Question: what type of economy exists in china?
Answer: Socialist state.