 Internal strife, political turmoil and foreign exploitation of China resulted the share of the country's GDP to fall to 5 percent in the 1950s to accounting for one-sixth of the global economy as of 2016 with the Chinese renminbi playing a major role in establishing the modern Chinese economy on a domestic and global scale.From 1820 to 1950, China experienced a precipitous economic decline that it would not recover until its meteoric rise in 1978 with its per capita GDP income of US$154 in 1978 rising to US$6060 in 2012 while averaging an annual GDP growth rate of 9.3 percent from 1978 to 2003.This growth enhanced China's market forces which made it simpler develop new cutting edge technologies and introduce consumers to a wide variety of modern goods and services.