from 1980 to 2010, China's real gross domestic product (GDP) grew at an average annual rate of nearly 10%, lifting hundreds of millions of people out of extreme poverty and creating an urban middle class. By 2010, the Chinese economy was the world's second largest, measured by GDP at purchasing power parity (PPP), and analysts expected it to exceed the size of U.S. economy within decades. While per capita disposable income was substantial in 2010, however, some geographic regions in China were still relatively poor on a per capita basis. Most urban households already owned white goods, but in rural China, penetration rates for appliances such as refrigerators still stood at 58.2 units per 100 households, offering room for market growth. China had been the world's leading white-goods manufacturer since 2007 and , in 2010, was home to 49% of global capacity.