China has a $12.4 trillion nominal GDP and is the second largest economy in the world. Its GDP grows around 6.7% annually. Services make up 50.5% of the economy, followed by industry at 40.5% and agriculture at 9%. China is the world's largest producer of goods like steel, coal, textiles, and agricultural products. It has transitioned from a planned economy to a market economy that is highly dependent on investment and manufacturing for growth. Exports and foreign trade play a large role in China's economy.