Explain China's current economic system, including China's economic transition, its economic growth in recent years, and if currency manipulation has been a factor

An economic system refers to the structure and organization of a country's economy. China was a centrally planned economy in the last few decades but is currently running as a market-based economy; a market-based economy refers to an economic system controlled by the forces of supply and demand. A centrally planned economy is an economy that is owned and managed by the government. China's economic transition includes the movement from a centrally planned economy to a market-based economy. China's economy has been growing in recent years. This has been indicated by the increase in GDP since 2010. Currently, China's GDP is around 20 trillion. Currency manipulation refers to a government's act of artificially lowering the value of its currency to make unfair gains in the international market. Even though China has engaged in currency manipulation, it has not helped boost its economy. Thus, it has never being a factor of growth in the Chinese economy.