China,
officially the People's Republic of China is a country in East Asia
and the world's most populous country, with a population of around
1.404 billion in 2017. Covering approximately 9,600,000 square
kilometres, it is the third or fourth-largest country by total
area. China’s
political system was based on hereditary Monarchies or dynasties
beginning with the semi-mythical Xia dynasty in 21st Century BCE.
China as a whole was ravaged by feudal warlordism with Japan during World War II. The Chinese civil war resulted in a division of territory in 1949 when the communist party of China led by Mao Zedong established the people’s republic of China on mainland China. Also the Kuomintang led nationalist government retreated to the Island of Taiwan where it governed until 1996 when Taiwan changed to democracy.
China’s economy has been one of the world’s fastest-growing with its annual growth rates consistently above 6 per cent. According to the World bank China’s GDP grew from $150 billion in 1978 to $12.24 trillion in 2017. In 2018, its GDP increased to $13.5 trillion (90 trillion yuan). Since 2010, China has been the country with the world’s second-largest economy by nominal GDP and the largest economy in the world by purchasing power parity in 2014.
China is also the world’s largest exporter and second-largest importer of goods and also the home to some of the world’s largest tech giants such as Huawei, Baidu, Tencent and Alibaba as it is the world’s most technologically advanced nation. Since 2019, China has the highest number of rich people in the world.