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122-619: Since being established on 1 April 1951 as the Aviation Industry Administration Commission , the aviation industry of the People's Republic of China has been through 12 systemic reforms. AVIC purchased American aircraft engine manufacturer Continental Motors, Inc. in 2010, aircraft manufacturer Cirrus in 2011, and specialized parts supplier Align Aerospace in 2015. In 2015, AVIC and BHR Partners acquired U.S. automotive supplier Henniges , through

244-577: A failed war in northern Korea provoked widespread unrest. Under the succeeding Tang and Song dynasties , Chinese economy, technology, and culture entered a golden age. The Tang dynasty retained control of the Western Regions and the Silk Road, which brought traders to as far as Mesopotamia and the Horn of Africa , and made the capital Chang'an a cosmopolitan urban center. However, it

366-469: A centre for finance in the Middle East , including for Islamic finance . The rapid rise of India has enabled Mumbai to become an emerging financial centre. India is also making an International Financial Centre GIFT City from scratch. GIFT city is now functional and has already won the crown of fastest emerging International Finance Centre of South Asia. Linked to the rise of these new IFCs, has seen

488-401: A climate very suitable for agriculture and the country has been the world's largest producer of rice, wheat, tomatoes, eggplant, grapes, watermelon, spinach, and many other crops. In 2021, 12 percent of global permanent meadows and pastures belonged to China, as well as 8% of global cropland. China is one of 17 megadiverse countries , lying in two of the world's major biogeographic realms :

610-532: A cultural identity among its populace still remembered in the ethnonym of the modern Han Chinese . The Han expanded the empire's territory considerably , with military campaigns reaching Central Asia, Mongolia , Korea , and Yunnan , and the recovery of Guangdong and northern Vietnam from Nanyue . Han involvement in Central Asia and Sogdia helped establish the land route of the Silk Road , replacing

732-634: A disputed land border with India and Bhutan . China is additionally involved in maritime disputes with multiple countries over territory in the East and South China Seas , such as the Senkaku Islands and the entirety of South China Sea Islands . The People's Republic of China is a one-party state governed by the Chinese Communist Party (CCP). The CCP is officially guided by socialism with Chinese characteristics , which

854-730: A far-reaching popular uprising (the May Fourth Movement ). In the late 1920s, the Kuomintang under Chiang Kai-shek was able to reunify the country under its own control with a series of deft military and political maneuverings known collectively as the Northern Expedition . The Kuomintang moved the nation's capital to Nanjing and implemented "political tutelage", an intermediate stage of political development outlined in Sun Yat-sen's Three Principles of

976-538: A financial city: "a pool of capital to lend or invest; a decent legal and taxation framework; and high-quality human resources". New York, London, and Tokyo are in every list of major IFCs. Some of the major RFCs (see below), such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs in some lists. These centres appear in all FSF–IMF lists of OFCs and, bar the Caribbean OFCs of the Cayman Islands,

1098-475: A high density of plant species including numerous rare endemics. Tropical and seasonal rainforests , though confined to Yunnan and Hainan , contain a quarter of all the animal and plant species found in China. China has over 10,000 recorded species of fungi . In the early 2000s, China has suffered from environmental deterioration and pollution due to its rapid pace of industrialization. Regulations such as

1220-533: A joint venture structure. In 2016, Aero Engine Corporation of China was formed, capitalized with US$ 7.5 billion by Aviation Industry Corporation of China (AVIC) and Commercial Aircraft Corporation of China, Ltd. (COMAC) in order to consolidate aero-engine and related technologies. China Aviation Industry Corporation was split into two separate entities, China Aviation Industry Corporation I and China Aviation Industry Corporation II in 1999. Both retained civilian and military aircraft production capabilities, along with

1342-553: A leading international financial centre since the 19th century , acting as a centre of lending and investment around the world. English contract law was adopted widely for international finance , with legal services provided in London. Financial institutions located there provided services internationally such as Lloyd's of London (founded 1686) for insurance and the Baltic Exchange (founded 1744) for shipping. During

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1464-477: A major financial centre in the 1980s as the Japanese economy became one of the largest in the world. Hong Kong and Singapore developed soon after leveraging their links with London and Britain. In the 21st century, other centres have grown including Toronto, Sydney, Seoul, Shanghai and Astana . Astana International Financial Centre has become the fastest growing financial hub in Central Asia. Dubai has become

1586-497: A major focus, special economic zones (SEZs) were created. Inefficient state-owned enterprises (SOEs) were restructured and some closed. This marked China's transition away from planned economy. China adopted its current constitution on 4 December 1982. In 1989, there were protests such those in Tiananmen Square , and then throughout the entire nation. Zhao Ziyang was put under house arrest for his sympathies to

1708-594: A number of unrelated business ventures. The split was intended to foster competitiveness in the Chinese aerospace industry. In 2008, AVIC I and AVIC II officially merged back together. The previous separation resulted in split resources and led to redundant projects. The goal of the merger was to eliminate this redundancy and spin off pursuits unrelated to aerospace, such as motorcycle and automobile parts manufacturing. In April 2009, The Wall Street Journal reported that computer spies, allegedly Chinese, "had penetrated

1830-404: A permanent navy which was supported by the developed shipbuilding industry along with the sea trade. Between the 10th and 11th century CE, the population of China doubled to around 100 million people, mostly because of the expansion of rice cultivation in central and southern China, and the production of abundant food surpluses. The Song dynasty also saw a revival of Confucianism , in response to

1952-420: A wide range of financial services , for example relating to mergers and acquisitions , public offerings , or corporate actions ; or which participate in other areas of finance , such as private equity , hedge funds , and reinsurance . Ancillary financial services include rating agencies , as well as provision of related professional services , particularly legal advice and accounting services. As of

2074-1212: A working paper on OFCs, but which also proposed a taxonomy on classifying the various types of global financial centres, which they listed as follows (with the description and examples they noted as typical of each category, also noted): The IMF noted that the three categories were not mutually exclusive and that various locations could fall under the definition of an OFC and an RFC, in particular (e.g. Singapore and Hong Kong were cited). International Financial Centres, and many Regional Financial Centres, are full–service financial centres with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets, and are major global cities . Offshore Financial Centres, and also some Regional Financial Centres, tend to specialise in tax-driven services, such as corporate tax planning tools , tax–neutral vehicles, and shadow banking / securitisation , and can include smaller locations (e.g. Luxembourg ), or city-states (e.g. Singapore). Since 2010, academics consider Offshore Financial Centres synonymous with tax havens . The IMF noted that OFCs could be set up for legitimate purposes (listing various reasons), but also for what

2196-457: Is Marxism adapted to Chinese circumstances . The Chinese constitution states that the PRC "is a socialist state governed by a people's democratic dictatorship that is led by the working class and based on an alliance of workers and peasants," that the state institutions "shall practice the principle of democratic centralism ," and that "the defining feature of socialism with Chinese characteristics

2318-664: Is "China" ( 中国 ; 中國 ; Zhōngguó ), from zhōng ('central') and guó ('state'), a term which developed under the Western Zhou dynasty in reference to its royal demesne . It was used in official documents as an synonym for the state under the Qing . The name Zhongguo is also translated as 'Middle Kingdom' in English. China is sometimes referred to as " mainland China " or "the Mainland" when distinguishing it from

2440-458: Is a diverse range of financial centres worldwide. While New York and London often stand out as the leading global financial centres, other established financial centres provide significant competition and several newer financial centres are developing. Despite this proliferation of financial centres, academics have discussed evidence showing increasing concentration of financial activity in the largest national and international financial centres in

2562-856: Is bounded by the Bohai , Yellow , East China and South China seas. China connects through the Kazakh border to the Eurasian Steppe . The territory of China lies between latitudes 18° and 54° N , and longitudes 73° and 135° E . The geographical center of China is marked by the Center of the Country Monument at 35°50′40.9″N 103°27′7.5″E  /  35.844694°N 103.452083°E  / 35.844694; 103.452083  ( Geographical center of China ) . China's landscapes vary significantly across its vast territory. In

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2684-585: Is commonly agreed that pre-modern China's population experienced two growth spurts, one during the Northern Song period (960–1127), and other during the Qing period (around 1700–1830). By the High Qing era China was possibly the most commercialized country in the world, and imperial China experienced a second commercial revolution by the end of the 18th century. On the other hand, the centralized autocracy

2806-461: Is home to a variety of forest types. Cold coniferous forests predominate in the north of the country, supporting animal species such as moose and Asian black bear , along with over 120 bird species. The understory of moist conifer forests may contain thickets of bamboo . In higher montane stands of juniper and yew , the bamboo is replaced by rhododendrons . Subtropical forests, which are predominate in central and southern China, support

2928-451: Is protected by law, and as of 2005 , the country has over 2,349 nature reserves , covering a total area of 149.95 million hectares, 15 percent of China's total land area. Most wild animals have been eliminated from the core agricultural regions of east and central China, but they have fared better in the mountainous south and west. The Baiji was confirmed extinct on 12 December 2006. China has over 32,000 species of vascular plants, and

3050-422: Is the third-largest country by total land area. The country is divided into 33 province-level divisions : 22 provinces , five autonomous regions , four municipalities , and two semi-autonomous special administrative regions . Beijing is the country's capital, while Shanghai is its most populous city by urban area and largest financial center . China is considered one of the cradles of civilization :

3172-451: Is the direct ancestor of modern Chinese characters . The Shang were overthrown by the Zhou , who ruled between the 11th and 5th centuries BCE, though the centralized authority of Son of Heaven was slowly eroded by fengjian lords. Some principalities eventually emerged from the weakened Zhou and continually waged war with each other during the 300-year Spring and Autumn period . By

3294-401: Is the leadership of the Chinese Communist Party." The PRC officially terms itself as a democracy , using terms such as "socialist consultative democracy", and " whole-process people's democracy ". However, the country is commonly described as an authoritarian one-party state and a dictatorship , with among the heaviest restrictions worldwide in many areas, most notably against freedom of

3416-559: Is the world's leading investor in renewable energy and its commercialization , with $ 546 billion invested in 2022; it is a major manufacturer of renewable energy technologies and invests heavily in local-scale renewable energy projects. Long heavily relying on non-renewable energy sources such as coal, China's adaptation of renewable energy has increased significantly in recent years, with their share increasing from 26.3 percent in 2016 to 31.9 percent in 2022. In 2023, 60.5% of China's electricity came from coal (largest producer in

3538-702: The Encyclopædia Britannica , to 9,596,961 km (3,705,407 sq mi) according to the UN Demographic Yearbook , and The World Factbook . China has the longest combined land border in the world , measuring 22,117 km (13,743 mi) and its coastline covers approximately 14,500 km (9,000 mi) from the mouth of the Yalu River (Amnok River) to the Gulf of Tonkin . China borders 14 nations and covers

3660-456: The 18th CCP National Congress in 2012. Shortly after his ascension to power, Xi launched a vast anti-corruption crackdown , that prosecuted more than 2 million officials by 2022. During his tenure , Xi has consolidated power unseen since the initiation of economic and political reforms. China's landscape is vast and diverse, ranging from the Gobi and Taklamakan Deserts in the arid north to

3782-778: The Cultural Revolution , sparking a decade of political recrimination and social upheaval that lasted until Mao's death in 1976. In October 1971, the PRC replaced the ROC in the United Nations, and took its seat as a permanent member of the Security Council. After Mao's death, the Gang of Four was arrested by Hua Guofeng and held responsible for the Cultural Revolution. The Cultural Revolution

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3904-890: The Global Financial Centres Index and the Xinhua–Dow Jones International Financial Centres Development Index . The Global Financial Centres Index ("GFCI") is compiled semi-annually by the London -based think tank Z/Yen in conjunction with the Shenzhen -based think tank China Development Institute . The 36th edition of the GFCI was published in September 2024. Old finance centres such as Amsterdam, London, Paris, and New York have long histories . Today there

4026-584: The Italian city-states (such as Venice and Genoa ) of the late medieval and early Renaissance periods while Florence can be said to be the birthplace of double-entry bookkeeping from the publication and proliferation of the work of Luca Pacioli . In the sixteenth century, the overall economic supremacy of the Italian city-states gradually waned, and the centre of financial activities in Europe shifted to

4148-636: The Kuomintang and the Communists led to the resumption of civil war. Constitutional rule was established in 1947, but because of the ongoing unrest, many provisions of the ROC constitution were never implemented in mainland China. Afterwards, the CCP took control of most of mainland China, and the ROC government retreated offshore to Taiwan . On 1 October 1949, CCP Chairman Mao Zedong formally proclaimed

4270-464: The Low Countries , first to Bruges , and later to Antwerp and Amsterdam which acted as Entrepôt cities. They also became important centres of financial innovation, capital accumulation and investment. By the early 1800s, London officially replaced Amsterdam as the world's leading financial centre. London and Paris were the world's only prominent financial centres throughout most of

4392-725: The Myanmar junta , known for bombing ethnic villages and airstrikes such as the Hpakant massacre . People%27s Republic of China China , officially the People's Republic of China ( PRC ), is a country in East Asia . With a population exceeding 1.4 billion, it is the second-most populous country after India , representing 17.4% of the world population. China spans the equivalent of five time zones and borders fourteen countries by land . With an area of nearly 9.6 million square kilometers (3,700,000 sq mi), it

4514-568: The Northern Chinese Famine of 1876–1879 , in which between 9 and 13 million people died. The Guangxu Emperor drafted a reform plan in 1898 to establish a modern constitutional monarchy , but these plans were thwarted by the Empress Dowager Cixi . The ill-fated anti-foreign Boxer Rebellion of 1899–1901 further weakened the dynasty. Although Cixi sponsored a program of reforms known as the late Qing reforms ,

4636-620: The Palearctic and the Indomalayan . By one measure, China has over 34,687 species of animals and vascular plants, making it the third-most biodiverse country in the world, after Brazil and Colombia . The country is a party to the Convention on Biological Diversity ; its National Biodiversity Strategy and Action Plan was received by the convention in 2010. China is home to at least 551 species of mammals (the third-highest in

4758-744: The RCEP . It is a member of the BRICS , the G20 , APEC , the SCO , and the East Asia Summit . Making up around one-fifth of the world economy, the Chinese economy is the world's largest economy by PPP-adjusted GDP , the second-largest economy by nominal GDP , and the second-wealthiest country , albeit ranking poorly in measures of democracy , human rights and religious freedom . The country has been one of

4880-784: The Republic of China or the PRC's Special Administrative Regions . Archaeological evidence suggests that early hominids inhabited China 2.25 million years ago. The hominid fossils of Peking Man , a Homo erectus who used fire , have been dated to between 680,000 and 780,000 years ago . The fossilized teeth of Homo sapiens (dated to 125,000–80,000 years ago) have been discovered in Fuyan Cave . Chinese proto-writing existed in Jiahu around 6600 BCE, at Damaidi around 6000 BCE, Dadiwan from 5800 to 5400 BCE, and Banpo dating from

5002-644: The Second United Front to fight the Japanese. The Second Sino-Japanese War eventually ended in a Chinese victory; however, the CCP and the KMT resumed their civil war as soon as the war ended. In 1949, the resurgent Communists established control over most of the country, proclaiming the People's Republic of China and forcing the Nationalist government to retreat to the island of Taiwan . The country

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5124-594: The Sino-Soviet split , the Shanghai Communiqué in 1972 would precipitate the normalization of relations with the United States . Economic reforms that began in 1978 moved the country away from a socialist planned economy towards an increasingly capitalist market economy , spurring significant economic growth. The corresponding movement for increased democracy and liberalization stalled after

5246-476: The State Council , China's cabinet, composed of four vice premiers, state councilors , and the heads of ministries and commissions. The Chinese People's Political Consultative Conference (CPPCC) is a political advisory body that is critical in China's " united front " system, which aims to gather non-CCP voices to support the CCP. Similar to the people's congresses, CPPCC's exist at various division, with

5368-723: The Tiananmen Square protests and massacre in 1989. China is a unitary one-party socialist republic led by the CCP. It is one of the five permanent members of the UN Security Council ; the UN representative for China was changed from the ROC to the PRC in 1971. It is a founding member of several multilateral and regional organizations such as the AIIB , the Silk Road Fund , the New Development Bank , and

5490-505: The Turpan Depression . China's climate is mainly dominated by dry seasons and wet monsoons , which lead to pronounced temperature differences between winter and summer. In the winter, northern winds coming from high-latitude areas are cold and dry; in summer, southern winds from coastal areas at lower latitudes are warm and moist. A major environmental issue in China is the continued expansion of its deserts , particularly

5612-582: The United States Department of Defense has listed as having links to the People's Liberation Army , which included AVIC. In February 2023, the Center for Advanced Defense Studies reported that customs data showed that AVIC shipped parts for Sukhoi Su-35 fighter jets to a subsidiary of sanctioned Russian defense company Rostec following the 2022 Russian invasion of Ukraine . (*) indicates under development AVIC provides weapons to

5734-621: The World Trade Organization in 2001. At the 16th CCP National Congress in 2002, Hu Jintao succeeded Jiang as the general secretary. Under Hu, China maintained its high rate of economic growth, overtaking the United Kingdom, France, Germany and Japan to become the world's second-largest economy. However, the growth also severely impacted the country's resources and environment, and caused major social displacement. Xi Jinping succeeded Hu as paramount leader at

5856-719: The Xi , Mekong , Brahmaputra and Amur . To the west sit major mountain ranges, most notably the Himalayas. High plateaus feature among the more arid landscapes of the north, such as the Taklamakan and the Gobi Desert. The world's highest point, Mount Everest (8,848 m), lies on the Sino-Nepalese border. The country's lowest point, and the world's third-lowest, is the dried lake bed of Ayding Lake (−154 m) in

5978-426: The Xinhai Revolution of 1911–1912 ended the Qing dynasty and established the Republic of China . Puyi , the last Emperor, abdicated in 1912 . On 1 January 1912, the Republic of China was established, and Sun Yat-sen of the Kuomintang (KMT) was proclaimed provisional president. In March 1912, the presidency was given to Yuan Shikai , a former Qing general who in 1915 proclaimed himself Emperor of China . In

6100-422: The campaigns against Western Xia by Genghis Khan , who also invaded Jin territories . In 1271, the Mongol leader Kublai Khan established the Yuan dynasty , which conquered the last remnant of the Song dynasty in 1279. Before the Mongol invasion, the population of Song China was 120 million citizens; this was reduced to 60 million by the time of the census in 1300. A peasant named Zhu Yuanzhang overthrew

6222-438: The fastest-growing major economies and is the world's largest manufacturer and exporter , as well as the second-largest importer . China is a nuclear-weapon state with the world's largest standing army by military personnel and the second-largest defense budget . It is a great power , and has been described as an emerging superpower . China is known for its cuisine and culture, and has 59 UNESCO World Heritage Sites ,

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6344-399: The second-highest number of any country . The word "China" has been used in English since the 16th century; however, it was not used by the Chinese themselves during this period. Its origin has been traced through Portuguese , Malay , and Persian back to the Sanskrit word Cīna , used in ancient India . "China" appears in Richard Eden 's 1555 translation of the 1516 journal of

6466-422: The subtropical forests in the wetter south. The Himalaya , Karakoram , Pamir and Tian Shan mountain ranges separate China from much of South and Central Asia . The Yangtze and Yellow Rivers, the third- and sixth-longest in the world, respectively, run from the Tibetan Plateau to the densely populated eastern seaboard. China's coastline along the Pacific Ocean is 14,500 km (9,000 mi) long and

6588-430: The 11th century in the Kingdom of England at the annual fair of St. Giles and in the Kingdom of Germany at the Frankfurt autumn fair, then developed in medieval France during the Champaign Fairs. The first real international financial centre was the city state of Venice which slowly emerged from the 9th century to its peak in the 14th century. Tradable bonds as a commonly used type of security, were invented by

6710-440: The 1979 Environmental Protection Law are fairly stringent, though they are poorly enforced, frequently disregarded in favor of rapid economic development. China has the second-highest death toll because of air pollution, after India , with approximately 1 million deaths. Although China ranks as the highest CO 2 emitting country, it only emits 8 tons of CO 2 per capita , significantly lower than developed countries such as

6832-595: The 19th century. After 1870, Berlin and New York grew to become major financial centres mainly serving their national economies. An array of smaller international financial centres found market niches , such as Amsterdam, Brussels , Zurich , and Geneva . London was the leading international financial centre in the four decades before World War I . Since then, New York and London have developed leading positions in different activities and some non-Western financial centres have grown in prominence, notably Tokyo , Hong Kong , Singapore and Shanghai . London has been

6954-406: The 2010s. In 2020, the Chinese government announced its aims for the country to reach its peak emissions levels before 2030, and achieve carbon neutrality by 2060 in line with the Paris Agreement , which, according to Climate Action Tracker , would lower the expected rise in global temperature by 0.2–0.3 degrees – "the biggest single reduction ever estimated by the Climate Action Tracker". China

7076-445: The 2024 edition of the Global Financial Centres Index , New York City , London and Hong Kong ranked top 3 globally, while other well known financial centres include Singapore , Shanghai , Frankfurt and Tokyo , amongst others. In April 2000, the Financial Stability Forum ("FSF"), concerned about OFCs on global financial stability produced a report listing 42 OFCs. In June 2000, the International Monetary Fund (IMF) published

7198-425: The 20th century London played an important role in the development of new financial products such as the Eurodollar and Eurobonds in the 1960s, international asset management and international equities trading in the 1980s, and derivatives in the 1990s. London continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around

7320-477: The 21st century. Others have discussed the ongoing dominance of New York and London, and the role linkages between these two financial centres played in the financial crisis of 2007–08 . Comparisons of financial centres focus on their history, role and significance in serving national, regional and international financial activity. Each centre's offering includes differing legal, tax and regulatory environments. One journalist suggested three factors for success as

7442-405: The 5th millennium BCE. Some scholars have suggested that the Jiahu symbols (7th millennium BCE) constituted the earliest Chinese writing system. According to traditional Chinese historiography , the Xia dynasty was established during the late 3rd millennium BCE, marking the beginning of the dynastic cycle that was understood to underpin China's entire political history. In the modern era,

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7564-416: The British under the 1842 Treaty of Nanking , the first of what have been termed as the " unequal treaties ". The First Sino-Japanese War (1894–1895) resulted in Qing China's loss of influence in the Korean Peninsula , as well as the cession of Taiwan to Japan . The Qing dynasty also began experiencing internal unrest in which tens of millions of people died, especially in the White Lotus Rebellion ,

7686-474: The British Virgin Islands, and Bermuda, represent all the major OFCs. Some also appear as RFCs in various lists, particularly Hong Kong, and Singapore. They also appear on most lists of major tax havens , and on lists of the largest Conduit and Sink OFCs in the world. In some lists, RFCs such as Paris, Frankfurt, Chicago, and Shanghai appear as IFCs, however, they do not appear in all lists. They are certainly major RFCs. Primitive financial centres started in

7808-400: The CCP. The NPC is dominated by the CCP, with another eight minor parties having nominal representation under the condition of upholding CCP leadership. The president is elected by the NPC. The presidency is the ceremonial state representative, but not the constitutional head of state. The incumbent president is Xi Jinping, who is also the general secretary of the CCP and the chairman of

7930-413: The Central Military Commission , making him China's paramount leader and supreme commander of the Armed Forces. The premier is the head of government , with Li Qiang being the incumbent. The premier is officially nominated by the president and then elected by the NPC, and has generally been either the second- or third-ranking member of the Politburo Standing Committee (PSC). The premier presides over

8052-414: The Conduit OFC's extensive networks of global bilateral tax treaties . Because Sink OFCs are more closely associated with traditional tax havens, they tend to have more limited treaty networks and access to global higher–tax locations. Prior to the 1960s, there was little data available to rank financial centres. In recent years many rankings have been developed and published. Two of the most relevant are

8174-450: The Gobi Desert. Although barrier tree lines planted since the 1970s have reduced the frequency of sandstorms , prolonged drought and poor agricultural practices have resulted in dust storms plaguing northern China each spring, which then spread to other parts of East Asia, including Japan and Korea. Water quality, erosion , and pollution control have become important issues in China's relations with other countries. Melting glaciers in

8296-668: The Himalayas could potentially lead to water shortages for hundreds of millions of people. According to academics, in order to limit climate change in China to 1.5 °C (2.7 °F) electricity generation from coal in China without carbon capture must be phased out by 2045. With current policies, the GHG emissions of China will probably peak in 2025, and by 2030 they will return to 2022 levels. However, such pathway still leads to three-degree temperature rise. Official government statistics about Chinese agricultural productivity are considered unreliable, due to exaggeration of production at subsidiary government levels. Much of China has

8418-400: The IMF called dubious purposes , citing tax evasion and money–laundering. In 2007, the IMF produced the following definition of an OFC: a country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy . The FSF annual reports on global shadow banking use the IMF definition to track the OFCs with

8540-430: The Kuomintang and the CCP. Japanese forces committed numerous war atrocities against the civilian population; as many as 20 million Chinese civilians died. An estimated 40,000 to 300,000 Chinese were massacred in Nanjing alone during the Japanese occupation. China, along with the UK, the United States, and the Soviet Union , were recognized as the Allied " Big Four " in the Declaration by United Nations . Along with

8662-903: The National Committee of the CPPCC being chaired by Wang Huning , fourth-ranking member of the PSC. Financial center A financial centre ( financial center in American English ) or financial hub is a location with a significant concentration of participants in banking asset management , insurance , and financial markets , with venues and supporting services for these activities to take place. Participants can include financial intermediaries (such as banks and brokers), institutional investors (such as investment managers, pension funds , insurers, and hedge funds ), and issuers (such as companies and governments). Trading activity can take place on venues such as exchanges and involve clearing houses , although many transactions take place over-the-counter (OTC), directly between participants. Financial centres usually host companies that offer

8784-708: The PRC initially allied closely with the Soviet Union , the relations between the two communist nations gradually deteriorated , leading China to develop an independent industrial system and its own nuclear weapons . The Chinese population increased from 550 million in 1950 to 900 million in 1974. However, the Great Leap Forward , an idealistic massive industrialization project, resulted in an estimated 15 to 55 million deaths between 1959 and 1961, mostly from starvation. In 1964, China detonated its first atomic bomb. In 1966, Mao and his allies launched

8906-949: The People program for transforming China into a modern democratic state. The Kuomintang briefly allied with the Chinese Communist Party (CCP) during the Northern Expedition, though the alliance broke down in 1927 after Chiang violently suppressed the CCP and other leftists in Shanghai, marking the beginning of the Chinese Civil War . The CCP declared areas of the country as the Chinese Soviet Republic (Jiangxi Soviet) in November 1931 in Ruijin , Jiangxi . The Jiangxi Soviet

9028-535: The People's Republic of China in Tiananmen Square , Beijing . In 1950, the PRC captured Hainan from the ROC and annexed Tibet . However, remaining Kuomintang forces continued to wage an insurgency in western China throughout the 1950s. The CCP consolidated its popularity among the peasants through the Land Reform Movement , which included the state-tolerated executions of between 1 and 2 million landlords by peasants and former tenants. Though

9150-573: The Portuguese explorer Duarte Barbosa . Barbosa's usage was derived from Persian Chīn ( چین ), which in turn derived from Sanskrit Cīna ( चीन ). Cīna was first used in early Hindu scripture, including the Mahabharata (5th century BCE) and the Laws of Manu (2nd century BCE). In 1655, Martino Martini suggested that the word China is derived ultimately from

9272-488: The United States (16.1), Australia (16.8) and South Korea (13.6). Greenhouse gas emissions by China are the world's largest . The country has significant water pollution problems; only 89.4% of China's national surface water was graded suitable for human consumption by the Ministry of Ecology and Environment in 2023. China has prioritized clamping down on pollution, bringing a significant decrease in air pollution in

9394-556: The Xia is the earliest for which there are both contemporary written records and undisputed archaeological evidence. The Shang ruled much of the Yellow River valley until the 11th century BCE, with the earliest hard evidence dated c.  1300 BCE . The oracle bone script , attested from c.  1250 BCE but generally assumed to be considerably older, represents the oldest known form of written Chinese , and

9516-513: The Xia's historicity came under increasing scrutiny, in part due to the earliest known attestation of the Xia being written millennia after the date given for their collapse. In 1958, archaeologists discovered sites belonging to the Erlitou culture that existed during the early Bronze Age ; they have since been characterized as the remains of the historical Xia, but this conception is often rejected. The Shang dynasty that traditionally succeeded

9638-681: The Yuan in 1368 and founded the Ming dynasty as the Hongwu Emperor . Under the Ming dynasty, China enjoyed another golden age, developing one of the strongest navies in the world and a rich and prosperous economy amid a flourishing of art and culture. It was during this period that admiral Zheng He led the Ming treasure voyages throughout the Indian Ocean, reaching as far as East Africa. In

9760-517: The academic lists of tax havens include all the FSF–IMF OFCs). In July 2017, a study by the University of Amsterdam 's CORPNET group, broke down the definition of an OFC into two subgroups, Conduit and Sink OFCs : Sink OFCs rely on Conduit OFCs to re–route funds from high–tax locations using base erosion and profit shifting ("BEPS") tax planning tools, which are encoded, and accepted, in

9882-820: The bulk of East Asia, bordering Vietnam , Laos , and Myanmar in Southeast Asia; India , Bhutan , Nepal , Pakistan and Afghanistan in South Asia; Tajikistan , Kyrgyzstan and Kazakhstan in Central Asia; and Russia, Mongolia , and North Korea in Inner Asia and Northeast Asia . It is narrowly separated from Bangladesh and Thailand to the southwest and south, and has several maritime neighbors such as Japan , Philippines , Malaysia , and Indonesia . China has resolved its land borders with 12 out of 14 neighboring countries, having pursued substantial compromises in most of them. China currently has

10004-462: The country in the late 19th century to various European powers by a series of unequal treaties . After decades of Qing China on the decline, the 1911 Revolution overthrew the Qing dynasty and the monarchy and the Republic of China (ROC) was established the following year. The country under the nascent Beiyang government was unstable and ultimately fragmented during the Warlord Era , which

10126-495: The database of the Joint Strike Fighter program and acquired terabytes of secret information about the fighter, possibly compromising its future effectiveness." AVIC allegedly "incorporated the stolen know-how into China's Chengdu J-20 and Shenyang FC-31 fighters." In November 2020, Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that

10248-610: The earlier path over the Himalayas to India. Han China gradually became the largest economy of the ancient world. Despite the Han's initial decentralization and the official abandonment of the Qin philosophy of Legalism in favor of Confucianism , Qin's legalist institutions and policies continued to be employed by the Han government and its successors. After the end of the Han dynasty , a period of strife known as Three Kingdoms followed, at

10370-537: The early Ming dynasty, China's capital was moved from Nanjing to Beijing. With the budding of capitalism, philosophers such as Wang Yangming critiqued and expanded Neo-Confucianism with concepts of individualism and equality of four occupations . The scholar-official stratum became a supporting force of industry and commerce in the tax boycott movements, which, together with the famines and defense against Japanese invasions of Korea (1592–1598) and Later Jin incursions led to an exhausted treasury. In 1644, Beijing

10492-737: The east, along the shores of the Yellow Sea and the East China Sea, there are extensive and densely populated alluvial plains , while on the edges of the Inner Mongolian plateau in the north, broad grasslands predominate. Southern China is dominated by hills and low mountain ranges, while the central-east hosts the deltas of China's two major rivers, the Yellow River and the Yangtze River. Other major rivers include

10614-656: The end of which Wei was swiftly overthrown by the Jin dynasty . The Jin fell to civil war upon the ascension of a developmentally disabled emperor ; the Five Barbarians then rebelled and ruled northern China as the Sixteen States . The Xianbei unified them as the Northern Wei , whose Emperor Xiaowen reversed his predecessors' apartheid policies and enforced a drastic sinification on his subjects . In

10736-473: The face of popular condemnation and opposition from his own Beiyang Army , he was forced to abdicate and re-establish the republic in 1916. After Yuan Shikai's death in 1916, China was politically fragmented. Its Beijing-based government was internationally recognized but virtually powerless; regional warlords controlled most of its territory. During this period , China participated in World War I and saw

10858-555: The failed Taiping Rebellion that ravaged southern China in the 1850s and 1860s and the Dungan Revolt (1862–1877) in the northwest. The initial success of the Self-Strengthening Movement of the 1860s was frustrated by a series of military defeats in the 1880s and 1890s. In the 19th century, the great Chinese diaspora began. Losses due to emigration were added to by conflicts and catastrophes such as

10980-475: The first human inhabitants in the region arrived during the Paleolithic . By the late 2nd millennium BCE, the earliest dynastic states had emerged in the Yellow River basin. The 8th–3rd centuries BCE saw a breakdown in the authority of the Zhou dynasty , accompanied by the emergence of administrative and military techniques, literature , philosophy , and historiography . In 221 BCE, China

11102-416: The focus of new worldwide growth. One source described New York as extending its lead as the world's centre of finance in September 2018; according to Reuters , the think-tank New Financial concluded the "raw" value of domestic and international financial activity like managing assets and issuing equity underscored the position of New York as the world's leading financial centre. New York City remains

11224-612: The growth of Buddhism during the Tang, and a flourishing of philosophy and the arts, as landscape art and porcelain were brought to new levels of complexity. However, the military weakness of the Song army was observed by the Jin dynasty . In 1127, Emperor Huizong of Song and the capital Bianjing were captured during the Jin–Song wars . The remnants of the Song retreated to southern China . The Mongol conquest of China began in 1205 with

11346-400: The informal paramount leader . The current general secretary is Xi Jinping , who took office on 15 November 2012. At the local level, the secretary of the CCP committee of a subdivision outranks the local government level; CCP committee secretary of a provincial division outranks the governor while the CCP committee secretary of a city outranks the mayor. The government in China is under

11468-599: The largest centre for trading in public equity and debt capital markets , driven in part by the size and financial development of the U.S. economy . The NYSE and NASDAQ are the two largest stock exchanges in the world. New York also leads in hedge fund management; private equity ; and the monetary volume of mergers and acquisitions . Several investment banks and investment managers headquartered in New York City are important participants in other financial centres. The New York Federal Reserve Bank ,

11590-419: The largest financial centres relative to their domestic economies. Progress from 2000 onwards from IMF – OECD – FATF initiatives on common standards, regulatory compliance , and banking transparency, has reduced the regulatory attraction of OFCs over IFCs and RFCs. Since 2010, academics considered the services of OFCs to be synonymous with tax havens , and use the term OFC and tax haven interchangeably (e.g.

11712-409: The largest importer of Russian crude oil in 2022. China is the third-largest country in the world by land area after Russia , and the third- or fourth-largest country in the world by total area. China's total area is generally stated as being approximately 9,600,000 km (3,700,000 sq mi). Specific area figures range from 9,572,900 km (3,696,100 sq mi) according to

11834-491: The largest within the Federal Reserve System , regulates financial institutions and implements U.S. monetary policy , which in turn influences the world's economy. The three major global credit rating agencies – Standard and Poor's , Moody's Ratings , and Fitch Ratings – are headquartered or co–headquartered in New York City, with Fitch being co–headquartered in London. In Asia , Tokyo emerged as

11956-660: The multiple consultation mechanisms that exist in Chinese government. According to the CCP constitution , its highest body is the National Congress held every five years. The National Congress elects the Central Committee , who then elects the party's Politburo , Politburo Standing Committee and the general secretary ( party leader ), the top leadership of the country. The general secretary holds ultimate power and authority over party and state and serves as

12078-720: The name of the Qin dynasty (221–206 BCE). Although use in Indian sources precedes this dynasty, this derivation is still given in various sources. The origin of the Sanskrit word is a matter of debate. Alternative suggestions include the names for Yelang and the Jing or Chu state. The official name of the modern state is the "People's Republic of China" ( simplified Chinese : 中华人民共和国 ; traditional Chinese : 中華人民共和國 ; pinyin : Zhōnghuá rénmín gònghéguó ). The shorter form

12200-472: The other three great powers, China was one of the four major Allies of World War II , and was later considered one of the primary victors in the war. After the surrender of Japan in 1945, Taiwan, including the Penghu , was handed over to Chinese control ; however, the validity of this handover is controversial. China emerged victorious but war-ravaged and financially drained. The continued distrust between

12322-553: The press , freedom of assembly , free formation of social organizations , freedom of religion and free access to the Internet . China has consistently been ranked amongst the lowest as an "authoritarian regime" by the Economist Intelligence Unit 's Democracy Index , ranking at 148th out of 167 countries in 2023. Other sources suggest that terming China as "authoritarian" does not sufficiently account for

12444-417: The protests and was replaced by Jiang Zemin . Jiang continued economic reforms, closing many SOEs and trimming down " iron rice bowl " (life-tenure positions). China's economy grew sevenfold during this time. British Hong Kong and Portuguese Macau returned to China in 1997 and 1999 , respectively, as special administrative regions under the principle of one country, two systems . The country joined

12566-499: The rise of "partner OFCs" (offshore tax-havens to which funds are routed), such as Taiwan (a major Sink OFC for Asia, and 7th largest global Sink OFC), Mauritius (a major Sink OFC for South Asia, especially India, and Africa, and the 9th largest global Sink OFC). The private nationwide financial system in China was first developed by the Shanxi merchants , with the creation of so-called "draft banks". The first draft bank Rishengchang

12688-765: The second largest concentration of hedge funds (847 according to HedgeLists.com). London benefits from its position between the Asia and U.S. time zones, and benefited from its location within the European Union , although this ended on 31 January 2020 when the United Kingdom left the European Union following the Brexit referendum of 2016. As well as the London Stock Exchange , the Bank of England ,

12810-679: The second oldest central bank, is in London, although the European Banking Authority moved to Paris after Brexit. Since the middle of the 20th century, New York City, represented by Wall Street in Manhattan's Financial District , has been described as a leading financial centre. Over the past few decades, with the rise of a multipolar world with new regional powers and global capitalism , numerous financial centres have challenged Wall Street, particularly London and several in Asia, which some analysts believe will be

12932-637: The sole control of the CCP. The CCP controls appointments in government bodies, with most senior government officials being CCP members. The National People's Congress (NPC), with nearly 3,000-members, is constitutionally the " highest organ of state power ", though it has been also described as a " rubber stamp " body. The NPC meets annually, while the NPC Standing Committee , around 150 members elected from NPC delegates, meets every couple of months. Elections are indirect and not pluralistic, with nominations at all levels being controlled by

13054-761: The south, the general Liu Yu secured the abdication of the Jin in favor of the Liu Song . The various successors of these states became known as the Northern and Southern dynasties , with the two areas finally reunited by the Sui in 581. The Sui restored the Han to power through China, reformed its agriculture, economy and imperial examination system, constructed the Grand Canal , and patronized Buddhism . However, they fell quickly when their conscription for public works and

13176-657: The standardization of Chinese characters, measurements , road widths, and currency . His dynasty also conquered the Yue tribes in Guangxi , Guangdong , and Northern Vietnam . The Qin dynasty lasted only fifteen years, falling soon after the First Emperor's death. Following widespread revolts during which the imperial library was burned , the Han dynasty emerged to rule China between 206 BCE and 220 CE, creating

13298-576: The time of the Warring States period of the 5th–3rd centuries BCE, there were seven major powerful states left. The Warring States period ended in 221 BCE after the state of Qin conquered the other six states, reunited China and established the dominant order of autocracy . King Zheng of Qin proclaimed himself the Emperor of the Qin dynasty , becoming the first emperor of a unified China. He enacted Qin's legalist reforms, notably

13420-485: The world), 1,221 species of birds (eighth), 424 species of reptiles (seventh) and 333 species of amphibians (seventh). Wildlife in China shares habitat with, and bears acute pressure from, one of the world's largest population of humans. At least 840 animal species are threatened, vulnerable or in danger of local extinction , due mainly to human activity such as habitat destruction, pollution and poaching for food, fur and traditional Chinese medicine . Endangered wildlife

13542-428: The world), 13.2% from hydroelectric power (largest), 9.4% from wind (largest), 6.2% from solar energy (largest), 4.6% from nuclear energy (second-largest), 3.3% from natural gas (fifth-largest), and 2.2% from bioenergy (largest); in total, 31% of China's energy came from renewable energy sources. Despite its emphasis on renewables, China remains deeply connected to global oil markets and next to India, has been

13664-475: The world. However, like New York, it faces new competitors including fast-rising eastern financial centres such as Hong Kong and Shanghai. London is the largest centre for derivatives markets , foreign exchange markets , money markets , issuance of international debt securities , international insurance , trading in gold, silver and base metals through the London bullion market and London Metal Exchange , and international bank lending . London has

13786-709: Was wiped out by the KMT armies in 1934, leading the CCP to initiate the Long March and relocate to Yan'an in Shaanxi . It would be the base of the communists before major combat in the Chinese Civil War ended in 1949. In 1931, Japan invaded and occupied Manchuria . Japan invaded other parts of China in 1937, precipitating the Second Sino-Japanese War (1937–1945), a theater of World War II . The war forced an uneasy alliance between

13908-406: Was captured by a coalition of peasant rebel forces led by Li Zicheng . The Chongzhen Emperor committed suicide when the city fell. The Manchu Qing dynasty , then allied with Ming dynasty general Wu Sangui , overthrew Li's short-lived Shun dynasty and subsequently seized control of Beijing, which became the new capital of the Qing dynasty. The Qing dynasty, which lasted from 1644 until 1912,

14030-592: Was created in 1823 in Pingyao . Some large draft banks had branches in Russia, Mongolia and Japan to facilitate the international trade. Throughout the nineteenth century, the central Shanxi region became the de facto financial centres of Qing China. With the fall of Qing Dynasty, the financial centres gradually shifted to Shanghai , mainly due to its geographical location at the estuary of the Yangtze River and to

14152-523: Was devastated and weakened by the An Lushan rebellion in the 8th century. In 907, the Tang disintegrated completely when the local military governors became ungovernable. The Song dynasty ended the separatist situation in 960, leading to a balance of power between the Song and the Liao dynasty . The Song was the first government in world history to issue paper money and the first Chinese polity to establish

14274-522: Was ended upon the Northern Expedition conducted by the Kuomintang (KMT) to reunify the country. The Chinese Civil War began in 1927, when KMT forces purged members of the rival Chinese Communist Party (CCP), who proceeded to engage in sporadic fighting against the KMT-led Nationalist government . Following the country's invasion by the Empire of Japan in 1937, the CCP and KMT formed

14396-408: Was rebuked, with millions rehabilitated. Deng Xiaoping took power in 1978, and instituted large-scale political and economic reforms , together with the " Eight Elders ", most senior and influential members of the party. The government loosened its control and the communes were gradually disbanded. Agricultural collectivization was dismantled and farmlands privatized. While foreign trade became

14518-534: Was split, with both sides claiming to be the sole legitimate government of China . Following the implementation of land reforms , further attempts by the PRC to realize communism failed: the Great Leap Forward was largely responsible for the Great Chinese Famine that ended with millions of Chinese people having died, and the subsequent Cultural Revolution was a period of social turmoil and persecution characterized by Maoist populism. Following

14640-601: Was strengthened in part to suppress anti-Qing sentiment with the policy of valuing agriculture and restraining commerce, like the Haijin during the early Qing period and ideological control as represented by the literary inquisition , causing some social and technological stagnation. In the mid-19th century, the Opium Wars with Britain and France forced China to pay compensation, open treaty ports, allow extraterritoriality for foreign nationals, and cede Hong Kong to

14762-548: Was the last imperial dynasty of China. The Ming-Qing transition (1618–1683) cost 25 million lives, but the Qing appeared to have restored China's imperial power and inaugurated another flowering of the arts. After the Southern Ming ended, the further conquest of the Dzungar Khanate added Mongolia, Tibet and Xinjiang to the empire. Meanwhile, China's population growth resumed and shortly began to accelerate. It

14884-476: Was unified under an emperor , ushering in more than two millennia of imperial dynasties including the Qin , Han , Tang , Yuan , Ming , and Qing . With the invention of gunpowder and paper , the establishment of the Silk Road , and the building of the Great Wall , Chinese culture flourished and has heavily influenced both its neighbors and lands further afield. However, China began to cede parts of

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