China

the legendary Xia dynasty. Since then, China has then expanded, fractured, and re-unified numerous times. In 1912, the Republic of China (ROC) replaced the last dynasty and ruled the Chinese mainland until 1949, when it was defeated by the communist People's Liberation Army in the Chinese Civil War. The Communist Party established the People's Republic of China in Beijing on 1 October 1949, while the ROC government retreated to Taiwan with its present de facto temporary capital in Taipei. Both the ROC and PRC continue to claim to be the legitimate government of all China, though the latter has more recognition in the world and controls more territory.
China has had the largest economy in the world for much of the last two thousand years, during which it has seen cycles of prosperity and decline. Since the introduction of economic reforms in 1978, China has become one of the world's fastest-growing major economies. As of 2016, it is the world's second-largest economy by nominal GDP and largest by purchasing power parity (PPP). China is also the world's largest exporter and second-largest importer of goods. China is a recognized nuclear weapons state and has the world's largest standing army and second-largest defense budget. The PRC is a member of the United Nations, as it replaced the ROC as a permanent member of the U.N. Security Council in 1971. China is also a member of numerous formal and informal multilateral organizations, including the WTO, APEC, BRICS, the Shanghai Cooperation Organization (SCO), the BCIM and the G-20.