China

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China, the second-most populous country globally, following India, has a population exceeding 1.4 billion, representing 17.4% of the world’s total population. Comprising about 9.6 million square kilometers, this vast East Asian nation ranks third in total land area. China has physical boundaries with fourteen nations and covers the equivalent of five time zones.

Officially designated as the People’s Republic of China (PRC), the nation has a rich historical and cultural past. Its beginnings are in the Paleolithic, with the first dynasty kingdom arising in the Yellow River region around late second millennium BCE. More than two millennia of imperial dynasties—including the Qin, Han, Tang, Yuan, Ming, and Qing—were started by the nation’s unification under an emperor in 221 BCE.

China has led innovation and cultural growth throughout its past. Among the nation’s contributions to global culture are the creation of the Great Wall, paper and gunpowder, and the Silk Road. Beyond its boundaries, Chinese culture—which spans languages, customs, architecture, philosophy, and technology—has had great impact.

Significant political and social changes have marked the modern phase of Chinese history. The 1911 Revolution replaced the monarchy with the Republic of China (ROC) in 1912. The Kuomintang (KMT) united the nation during the Northern Expedition, therefore marking the end of the ensuing Warlord Era. The Japanese invasion in 1937 stopped the Chinese Civil War between the KMT and the Chinese Communist Party (CCP), therefore producing a brief coalition against the Japanese.

World War II’s end in 1945 set off hostilities once again between the KMT and the CCP. Declared the People’s Republic of China and driving the Nationalist government to flee to Taiwan, the Communists seized authority over much of the nation in 1949. This schism produced both factions claiming exclusive lawful administration of China, a position still present today.

China carried out different social and economic changes under Communist control. Aimed for fast industrialization, the Great Leap Forward produced the Great Chinese Famine. The latter Cultural Revolution produced societal unrest and persecution marked by Maoist populism.

One of the turning points in contemporary Chinese history came in 1978 with the start of economic reforms. Under the direction of CCP reformists, these changes turned the nation from a socialist planned economy toward a more capitalist market one, hence igniting amazing economic growth and development.

Under the CCP, contemporary China is a unitary one-party communist country. One of the five permanent members of the UN Security Council, the nation has great worldwide impact. China has also established the Asian Infrastructure Investment Bank (AIIB), the Silk Road Fund, the New Development Bank, and the Regional Comprehensive Economic Partnership (RCEP) among numerous global and regional institutions.

Unquestionably, China is economically powerful. By GDP at purchasing power parity, the nation has the second-largest nominal GDP and the biggest GDP overall. Comprising over one-fifth of the global economy, the Chinese economy has had one of the quickest rates of growth among the major economies for decades. As the top producer and exporter in the world, China’s economic might is especially evident in its manufacturing and export sectors. It also ranks as the second-biggest importer worldwide, therefore confirming its vital importance in world commerce.

The fast economic expansion of the nation has helped many big businesses to rise. Among the 500 biggest corporations in the world, 135 have headquarters in China. The country also boasts among the biggest and most vibrant financial markets in the world. China has the third-largest bond market among countries as well as the second-largest equities markets and futures markets. With total market value of $15.9 trillion as of October 2020, the stock markets in Shanghai, Hong Kong, and Shenzhen are among the ten biggest worldwide.

By means of projects like the Belt and Road Initiative, which seeks to improve regional connectivity and foster economic cooperation, China’s economic impact transcends national boundaries. Leading in artificial intelligence, 5G technology, and renewable energy, the nation has also achieved notable technological and creative advancements.

China struggles in issues like wealth disparity, environmental damage, and an aging population even with its economic achievements. To handle these problems, the nation has instituted changes to its social security and healthcare systems, environmental protection regulations, and poverty reducing initiatives.

Rich cultural legacy and natural beauty of China have made it a well-liked tourist destination. Rising fourth in the globe, the nation welcomed 65.7 million foreign tourists in 2019. Second-highest number of any nation, China has 56 UNESCO World Heritage Sites that highlight its natural and historical riches. With Chinese visitors expected to make 6 billion trips inside the nation in 2019, the domestic tourism sector is similarly remarkable.

Renminbi (Yuan, ¥)

Currency

October 1, 1949 (People's Republic of China)

Founded

+86

Calling code

1,409,670,000

Population

9,596,961 km2 (3,705,407 sq mi)

Area

Standard Chinese (Mandarin)

Official language

Average: 1,840 m (6,040 ft)

Elevation

China Standard Time (UTC+8)

Time zone

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