ROME — China's economy has undergone a "profound transformation" over the past seven decades, said Italy China Foundation (CeSIF), a think tank, in an analysis released on Oct 2.

The report, a snapshot of the Asian giant's economic evolution, was released one day after the 70th anniversary of the founding of the People's Republic of China, which falls on Oct 1.

"The Chinese economy multiplied by more than 452 times, from gross domestic product (GDP) of about $30 billion in 1952 to $13.6 trillion in 2018," CeSIF analysts wrote.

The evolution of the weight of the Chinese economy can also be assessed based on trade data, as China's share of total world trade expanded from 0.8 percent in 1978 to 11.8 percent in 2018, the report said, citing figures of the World Trade Organization (WTO).

The shift from an export-driven economy to one reliant on internal demand was accompanied by an increase in Chinese foreign investments in the same period, marked by China's entry into the (WTO) in 2001, the think tank noted.

According to CeSIF, China faces two major challenges in the long term — an aging population, which means fewer productive adults and more elderly people requiring care, and environmental concerns.

"The objectives of respecting the environment and supporting GDP are in competition with each other," analysts wrote.