China has one of the world's largest economies in terms of its gross domestic product, the value of all goods and services it produces in a year. But in terms of per capita GDP, China ranks low. More than half of the world's countries have a higher per capita GDP than China. Because of this, many economists still consider China a developing country. The national government exercises much control over China's economy. It controls the most important industrial plants and operates most of the nation's banks, all long-distance transportation, and foreign trade. It also sets the prices of certain key goods and services.
