People's Republic of China

China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population of around 1.4 billion in 2019. It is led by the Communist Party of China (CPC). The Chinese constitution states that The People's Republic of China "is a socialist state under the people's democratic dictatorship led by the working class and based on the alliance of workers and peasants," and that the state organs "apply the principle of democratic centralism."

Economy

The current economy of China is a mixed socialist market economy which is composed of state-owned enterprises and domestic and foreign private businesses,

Since 1990 up until the present day, China has lifted 800 million people out of poverty and claims to be on track to end absolute poverty by the end of 2020.

Since 2010, China had the world's second-largest economy in terms of nominal GDP, totaling approximately US$13.5 trillion (90 trillion Yuan) as of 2018. In terms of purchasing power parity (PPP GDP). Between 2010 and 2019, China's contribution to global GDP growth has been 25% to 39%.

In 2020 China announced that it has successfully eradicated absolute poverty.

History

The People's Republic of China was founded on 1 October 1949 by its first paramount leader, Mao Zedong. This was after the Communist revolutionaries successfully overthrew the Republic of China, led by the Kuomintang, who fled to the island of Taiwan which they still occupy to this day. The Republic of China still claims to be the legitimate government of all of China, but is not recognised as such by the vast majority of the international community.