Taiwan has a developed capitalist economy that ranks as the 19th largest in the world by Purchasing power parity (PPP), ranks as 18th in the world by gross domestic product (GDP) at purchasing power parity per capita (person) and 24th in nominal GDP of investment and foreign trade by the Republic of China (ROC) government, which commonly referred to as Taiwan. In keeping with this trend, most large government-owned banks and industrial firms have been privatized. With the Technocracy-centered economic planning.

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