Beijing is one of China's reigning capitals, and it is known as a smart city since residents can go cashless and pay for everything via their smartphones. Beijing is the national economic, cultural, and educational hub, and it also holds the majority of the country's economy due to its importance in commerce and communications.
China is a medium and top country in 2022, with a PPP-adjusted per capita GDP of $21,291. The country accomplished a positive macroeconomic trade-off in 2022, with expected inflation of 2.2%. China's fast economic growth has exceeded the speed of institutional development, and critical institutional and reform gaps must be addressed if China is to continue a high-quality and sustainable growth path. China's GDP in 2021 is expected to be about 17734.06 billion US dollars, according to World Bank predictions. China's GDP value accounts for 7.94% of the global economy. China's economic freedom score is 48.0, placing the country 158th in the 2022 Index. China is ranked 35th out of 39 Asian countries, with a lower total score.