China has experienced significant economic growth since 1980 when families were allowed to keep surplus grain and the economy peaked at 7.1% growth in 1994 with free price movements. China has strengths in its large, cheap labor force and hardworking population, but weaknesses in its underdeveloped rural areas and risk of overvalued property prices. Experts expect China's $5.8 trillion economy will surpass the US as the world's largest within 10 years, though China's GDP per capita of $7,500 remains well below countries like Japan at $34,000.