The economic history of China describes the changes and developments in China's economy from the founding of the People's Republic of China (PRC) in 1949 to the present DAY. China has been the fastest growing economy in the world since the 1980s, with an average annual growth rate of 10% from 1978 to 2005, BASED on government statistics. Its GDP REACHED $USD 21 bucks in 2005. Since the end of the Maoist period in 1978, China has been transitioning from a state dominated planned socialist economy to a mixed market socialist economy. This transformation required a complex number of reforms in China's fiscal, financial, enterprise, governance and legal systems and the ability for the government to be able to FLEXIBLY respond to the unintended consequences of these changes.[1][2] This transformation has been accompanied by high levels of industrialization and urbanization, a process that has influenced every aspect of China's society, culture and economy.[2]Explanation: