Thursday, July 24, 2014 10:21 PM EST


The People's Republic of China (PRC) is the most extensive country in East Asia and the third or fourth most extensive country in the world. With a population of over 1.3 billion people, it is the most populous country in the world.
The Communist Party of China (CPC) created the PRC in 1949 after defeating the Republic of China (ROC) in a civil war lasting from 1946 to 1950. China remains one of the few remaining officially communist/socialist states in the world, although its government, economics, and society can no longer be convincingly qualified as such. After Deng Xiaoping initiated the “reform and opening” period in the 1980s, which reintegrated China with world trade and dramatically increased its economic growth, the country’s government has referred to its political system as “socialism with Chinese characteristics.”  
The term "Mainland China" is used to denote the areas under PRC rule, but excludes its two Special Administrative Regions: Hong Kong and Macau. Since the ROC and its main political party, the Nationalists or Guomindang (GMD) retreated to Taiwan, both mainland and Taiwanese governments have disputed the political status of the island. Efforts to assert de jure independence from the Taiwanese independence movement in the late 1990s created friction with the mainland, but the further lifting of trade, travel, and investment restrictions over past years have resulted in a period of warming relations. 
Because of its vast population, rapidly growing economy, and large research and development investments, China is considered an "emerging superpower". In past years, it has consistently shown yearly double digit growth, which eventually allowed the country to become world's second largest economy in both nominal and purchasing power parity terms. According to various international groups, China passed Japan to become the world’s second largest economy at the end of 2010. The International Monetary Fund and World Bank respectively predict that China’s economy will become the world’s largest by 2017 or 2030.  The government is currently trying to adjust the economy in two significant ways: first by slowing growth and preventing the economy from overheating; second by rebalancing to orient from export-driven to domestic-consumption driven growth.
China plays a critical role in international trade. The country is the world's largest consumer of steel and concrete, using, respectively, a third and over a half of the world's supply of each. Counting all products, China is the second largest importer and the largest exporter in the world.
However, in per capita terms, the country largely remains a developing nation, ranking 90th in the world with the average person making only more than $5,400 a year in 2011 (IMF). However, people living in relatively developed large urban areas in the coastal regions, especially in Beijing, Shanghai, and Guangzhou have living standards increasingly comparable to those in South Korea and Japan.
China is also a permanent member of the United Nations Security Council and the Asia-Pacific Economic Cooperation Organization. Since 1978, China's economic reforms have lifted hundreds of millions out of poverty. However, the country is now faced with a number of other economic problems, including an aging population, an increasing rural-urban income gap, and rapid environmental degradation.

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Articles About China

A trader watches a monitor displaying stocks on the floor of the New York Stock Exchange February 4, 2010.
Australian Stock Market Report –Afternoon July 24, 2014

By Comsec

The Australian market closed higher again today boosted by the better than expected "Flash" Chinese manufacturing data for July. The HSBC China flash Purchasing Managers' Indexes (PMI) for July hit a 18month high up 52.0 boosted by new orders up from 50. (6:23 pm)


Attendees play a check-in game to win prizes by tapping their NFC-enabled Android smartphones at the Google I/O developers conference in San Francisco
HTC One E8 (Plastic Variant of HTC One M8) with 5-Inch Display, Dual-SIM, 801 Processor and 2 GB RAM to Hit New Markets Soon

By IBTimes AU

HTC One M8's plastic equivalent, the HTC One E8 (also known as HTC One Ace), was released in China in June. Even though perceived initially to be an exclusive handset for China, it seems the HTC One E8 could see a global release soon. (6:15 pm)


Australian Stock Market Report – Midday July 24, 2014

By Comsec

The Australian market opened stronger today as expected and by lunch the market had been boosted by the better than expected "Flash" Chinese manufacturing data for July. The HSBC China flash Purchasing Managers' Indexes (PMI) for July hit a 18month high up 52. (2:28 pm)


A woman holds her umbrella while walking against strong winds as Typhoon Matmo hits Taiwan, in Taipei July 23, 2014. Typhoon Matmo slammed into Taiwan on Wednesday with heavy rains and strong winds, shutting financial markets and schools, with at least on
Typhoon Matmo Leaves 32k Customers w/o Electricity in Taiwan, Weakens After Landing in China

By IBTimes AU

At least 32,000 people in Taiwan were left without power supply after typhoon Matmo pummeled the east Asian country. Matmo has likewise made landfall in China, the country's second weather disturbance within a week. (2:04 pm)


Samsung Galaxy S5 vs. Xiaomi Mi 4 Specs, Features and Price: Apple of China Outranking Korea's Tech Giant

By IBTimes AU

This article provides an in-depth comparison between Samsung Galaxy S5 and Xiaomi Mi 4 smartphones. It also tackles on their current positions in the consumer market as well as an overview on their sales. (1:08 pm)


Jun 5, 2014; San Antonio, TX, USA; Miami Heat forward LeBron James (6) reacts after getting injured in the fourth quarter while being helped to the bench against the San Antonio Spurs in game one of the 2014 NBA Finals at AT&T Center. The Spurs beat the H
LeBron James Visits Taiwan on Thursday; King Sends Cupcakes to Neighbours in Cleveland

By IBTimes AU

LeBron James of the Cleveland Cavaliers is on a five-day tour in Asia. James’ first stop was in China on Monday and Tuesday and then Hong Kong on Wednesday. He will visit Taiwan on Thursday and Friday. (10:50 am)

A smartphone user shows the Facebook application on his phone
Global Markets Overview – July 24, 2014

By IG Markets

It was another positive night for equities, with gains through European and US trade mainly driven by optimism around US corporate earnings. Geopolitical risk was largely ignored yet again with traders favouring equities. (9:27 am)


New York Stock Exchange
Australian Stock Market Report – Morning July 24, 2014

By Comsec

IMF released updated US growth forecasts. US growth forecasts for 2014 were lowered from 2% to 1. 2015 growth forecasts were kept at 3% - which would be the fastest expansion since 2005. The IMF believes the Fed can keep policy rates at zero for longer than mid-2015 if inflation stays subdued. (8:36 am)


Another Aviation Disaster: Taiwan Plane Crashes, Passengers Aboard Feared Dead [PHOTO]

By IBTimes AU

As the world continues to mourn for the family of the passengers aboard that Malaysia Airlines Flight MH17, another aviation disaster happened on July 23 near Magong Airport in Taiwan. (2:00 am)


A Royal New Zealand Air Force aircraft
New Zealand and China Decide to Boost Defence Ties

By IBTimes AU

New Zealand and China will work towards strengthening defence ties, reported 3 News. This is conveyed in a joint statement issued after a high-level meeting held in Wellington between the two sides. The statement also mulls about enhanced cooperation in the South Pacific region. (Jul 23)