Economic reforms in 1978

After economic reforms in 1978, and its entry into the World Trade Organization in 2001, China’s economy became the second-largest country by nominal

GDP in 2010 and grew to the largest in the world by PPP in 2014. China is the world’s fastest-growing major economy,[20] the second-wealthiest nation

in the world, and the world’s largest manufacturer and exporter. The nation has the world’s largest standing army — the People’s Liberation Army —

the second-largest defense budget, and is a recognized nuclear-weapons state. China has been characterized as a potential superpower due to its large economy and powerful military.[21][22][23][24]