China
China's constitution states that The People's Republic of China "is a socialist state under the people's democratic dictatorship led by the working class and based on the alliance of workers and peasants," and that the state organs "apply the principle of democratic centralism." The PRC is one of the world's only socialist states openly endorsing communism (see Ideology of the Communist Party of China). The Chinese government has been variously described as communist and socialist, but also as authoritarian and corporatist, with heavy restrictions in many areas, most notably against free access to the Internet, freedom of the press, freedom of assembly, the right to have children, free formation of social organizations and freedom of religion. Its current political, ideological and economic system has been termed by its leaders as the "people's democratic dictatorship", "socialism with Chinese characteristics" (which is Marxism adapted to Chinese circumstances) and the "socialist market economy" respectively.
Economy of China
The socialist market economy of the People's Republic of China is the world's second largest economy by nominal GDP and the world's largest economy by purchasing power parity. Until 2015, China was the world's fastest-growing major economy, with growth rates averaging 10% over 30 years. Due to historical and political facts of China's developing economy, China's public sector accounts for a bigger share of the national economy than the burgeoning private sector. According to the IMF, on a per capita income basis China ranked 71st by GDP (nominal) and 78th by GDP (PPP) per capita in 2016. The country has an estimated $23 trillion worth of natural resources, 90% of which are coal and rare earth metals. China also has the world's largest total banking sector assets of $39.9 trillion (252 trillion CNY) with $26.54 trillion in total deposits.