From Wikipedia

China

Part Three Of Four

China's importance in the world today as a great power is reflected through its role as the world's third largest economy nominally (or second largest by PPP) and a permanent member of the UN Security Council as well as being a member of several other multilateral organizations including the WTO, APEC, East Asia Summit, G-20 and Shanghai Cooperation Organization. In addition, it is a recognized nuclear weapons state and has the world's largest standing army with the second largest defense budget.

Since the introduction of market-based economic reforms in 1978, China has become one of the world's fastest growing economies and the world's second largest exporter and the third largest importer of goods. Rapid industrialization has reduced its poverty rate from 53% in 1981 to 8% in 2001. However, the PRC is now faced with a number of other problems including a rapidly aging population due to the one-child policy, a widening rural-urban income gap, and environmental degradation. Moreover, China has been criticized for its human rights violations, and for having a problematic record of interfering with press freedom.