The economy of the People's Republic of China is the fourth largest in the world when measured by nominal GDP. Its per capita GDP in 2005 was approximately US $1,709 (US $7,204 with PPP), still low by world standards, but rising rapidly. As of 2005, 70% of China's GDP is in the private sector. The smaller public sector is dominated by about 200 large state enterprises concentrated mostly in utilities, heavy industries, and energy resources. [1].