People’s Republic of China
The People’s Republic of China (PRC), commonly known as China, is the most populous state in the world, with over 1.3 billion citizens. Located in East Asia, it is a single-party state governed by the Communist Party of China (CPC). The PRC exercises jurisdiction over 22 provinces, five autonomous regions, four directly administered municipalities (Beijing, Tianjin, Shanghai, and Chongqing), and two highly autonomous special administrative regions (SARs) – Hong Kong and Macau. Its capital city is Beijing.
Since the introduction of market-based economic reforms in 1978, China has become the world’s fastest growing major economy,the world’s largest exporter and second largest importer of goods. It is the world’s second largest economy by both nominal GDP and purchasing power parity and a permanent member of the United Nations Security Council. It is also a member of formal/informal multilateral organizations including the WTO, APEC, BRIC, Shanghai Cooperation Organisation, and G-20. China is a recognized nuclear weapons state and has the world’s largest standing army with the second-largest defense budget. China has been characterized as a potential superpower by a number of academics, military analysts, and public policy and economics analysts.