Since the introduction of economic reforms in 1978, China has become one of the world's fastest-growing major economies. As of 2016, it was the world's second-largest economy by nominal GDP and largest by purchasing power parity (PPP). China was also the world's largest exporter and second-largest importer of goods. China is a member of numerous formal and informal multilateral organizations, including the WTO, APEC, BRICS, the Shanghai Cooperation Organisation (SCO), the BCIM and the G-20.