October 28, 2021
China, or its full name, the People's Republic of China or the People's Republic of China (simplified Chinese: ; traditional Chinese: ; pinyin: Zhōnghuá Rénmín Gònghéguó; literally: 'People's Republic of China', abbreviated as PRC, PRC) is a country that located in East Asia with the capital city in Beijing. The country was founded in 1949 after the end of the Chinese Civil War, and has since been ruled by a single party, the Chinese Communist Party (CCP). Although often seen as a communist state, much of the republic's economy has been privatized since the 1980s. However, the government still oversees the economy politically, especially with government-owned companies and the banking sector. Politically, it remains a one-party government. Mainland China is a term used to refer to the area under the PRC government and does not include the special administrative areas of Hong Kong and Macau, while the name Republic of China refers to another entity that used to rule China from 1912 until its defeat in the Chinese Civil War. Currently the Republic of China only controls the island of Taiwan, and is not recognized by the majority of countries in the world. China claims territory belonging to the Republic of China but does not govern it, while the Republic of China claims sovereignty over all of mainland China currently controlled by China. (see also: Political status of Taiwan)China had the largest and most complex economy in the world for more than two thousand years and a dozen dynasties of Imperial China, along with several ups and downs. Since the introduction of economic reforms in 1978 by President Deng Xiaoping, China has become the fastest growing economy in the world. As of 2013, the country was the second largest economy in the world by total nominal GDP and PPP, as well as being the world's largest exporter and importer. China is a nuclear arsenal and has the world's largest active army, with the world's second largest military spending. China became a member of the United Nations in 1971, where it succeeded the Republic of China as a permanent member of the United Nations Security Council. China is also a member of various other organizations such as the WTO, APEC, BRICS, Shanghai Cooperation Organization, BCIM and the G-20. China is a great power in Asia, and a potential superpower according to some observers.