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'''China''' is the world's second largest country by population,<ref>https://www.downtoearth.org.in/video/governance/india-surpasses-china-to-become-most-populous-country-in-the-world-87257#:~:text=According%20to%20projections%20by%20the,now%20stands%20at%201.41%20billion.</ref> currently a totalitarian [[communist]] [[one-party state]].<ref>Gallagher, Mike (November 7, 2019). [https://thehill.com/blogs/congress-blog/politics/469429-seeking-truth-from-facts-on-china Seeking truth from facts on China]. ''The Hill''. Retrieved November 7, 2019.</ref> With thousands of years of continuous traditions, in three decades under the [[free trade]] policies of [[the West]] and access to foreign markets China has dramatically changed into a world power and is one of the world's top economies, second only to the [[United States]].  

'''China''' is the world's second largest country by population,<ref>https://www.downtoearth.org.in/video/governance/india-surpasses-china-to-become-most-populous-country-in-the-world-87257#:~:text=According%20to%20projections%20by%20the,now%20stands%20at%201.41%20billion.</ref> currently a totalitarian [[communist]] [[one-party state]].<ref>Gallagher, Mike (November 7, 2019). [https://thehill.com/blogs/congress-blog/politics/469429-seeking-truth-from-facts-on-china Seeking truth from facts on China]. ''The Hill''. Retrieved November 7, 2019.</ref> With thousands of years of continuous traditions, in three decades under the [[free trade]] policies of [[the West]] and access to foreign markets China has dramatically changed into a world power and is one of the world's top economies, second only to the [[United States]].  

China is a [[Middle-income countries|middle-income country]].

China is an upper [[Middle-income countries|middle-income country]].

It has emerged as a major regional power in East Asia, and formerly it was averaging over 9% economic growth per year since 1978 when it introduced a market-based economic system known as socialism under capitalist management. Foreign businesses have flocked to invest in China, Americans and others rush to buy its cheap factory output, Chinese exports flooded the world. It has vast reserves of dollar holdings.  China is modernizing its military, has joined numerous regional and international institutions, and plays an increasingly visible role in international politics. However, the paper statistics of China's growth hide the fact that it may have a weaker economy than it admits, as seen in the many "ghost towns", among other factors.<ref>Fong, Dominique (June 15, 2018). [https://www.wsj.com/articles/chinas-ghost-towns-haunt-its-economy-1529076819 China’s Ghost Towns Haunt Its Economy]. ''The Wall Street Journal''. Retrieved June 15, 2018.</ref> Since 2020, China has been in the midst of a real estate crisis (See: [[Chinese real estate crisis (2020–present)]]). Since 2021, China’s stock markets have lost about $7 trillion in value (See: [[Chinese stock markets]]).<ref>[https://www.marketplace.org/2024/02/06/why-chinas-stock-market-struggling/ What’s going on with China’s stock market?], MarketPlace.org</ref> On February 17, 2024, the ''South China Morning Post'' reported that China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment.<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref> The Chinese phrase "full-time children" refers to young  people who give up working and just live off their parents (See: [[Youth unemployment in China]]).<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref>

It has emerged as a major regional power in East Asia, and formerly it was averaging over 9% economic growth per year since 1978 when it introduced a market-based economic system known as socialism under capitalist management. Foreign businesses have flocked to invest in China, Americans and others rush to buy its cheap factory output, Chinese exports flooded the world. It has vast reserves of dollar holdings.  China is modernizing its military, has joined numerous regional and international institutions, and plays an increasingly visible role in international politics. However, the paper statistics of China's growth hide the fact that it may have a weaker economy than it admits, as seen in the many "ghost towns", among other factors.<ref>Fong, Dominique (June 15, 2018). [https://www.wsj.com/articles/chinas-ghost-towns-haunt-its-economy-1529076819 China’s Ghost Towns Haunt Its Economy]. ''The Wall Street Journal''. Retrieved June 15, 2018.</ref> Since 2020, China has been in the midst of a real estate crisis (See: [[Chinese real estate crisis (2020–present)]]). Since 2021, China’s stock markets have lost about $7 trillion in value (See: [[Chinese stock markets]]).<ref>[https://www.marketplace.org/2024/02/06/why-chinas-stock-market-struggling/ What’s going on with China’s stock market?], MarketPlace.org</ref> On February 17, 2024, the ''South China Morning Post'' reported that China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment.<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref> The Chinese phrase "full-time children" refers to young  people who give up working and just live off their parents (See: [[Youth unemployment in China]]).<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref>