 After Japan's defeat, Zhejiang's economy became stagnant under Mao Zedong's policies.Nevertheless, after China's economic reform, Zhejiang has grown to be considered one of China's wealthiest provinces, ranking fourth in GDP nationally and fifth by GDP per capita, with a nominal GDP of CN￥5.62 trilion (US$849 billion) as of 2018.Zhejiang's economy is based on electromechanical industries, textiles, chemical industries, food, and construction materials.