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Hotel - Info The People's Republic of China or China, is a state in East Asia. The PRC is home to over 1.3 billion people, which makes it the most populous country in the world. Since its founding in 1949, the PRC has been led by the Communist Party of China (CPC) under a one-party system. Though constitutionally a socialist state, the PRC privatized nearly half of its economy in the past three decades under "Socialism with Chinese characteristics." Nonetheless, it retains significant political control over the remaining state-owned enterprises and the banking sector. The PRC increasingly using macroeconomic controls to promote stable economic development. These economic reforms have succeeded in creating jobs and spurring economic growth although millions of workers were laid off from failing state-owned enterprises. During the 1980s many hundreds of millions of Chinese peasants were lifted out of abject poverty -- a poverty alleviation achievement unmatched in all human history. Urban rather than rural China benefited more from the reforms of the 1990s and the rural/urban income gap rebounded to 3:1 after closing considerably during the 1980s. Greater prosperity led to growing Chinese global influence in economic, political, military, scientific, technological, and cultural affairs. In an ongoing dispute, the PRC claims sovereignty over Taiwan and some neighboring islands, whose control was never relinquished by the Republic of China. The PRC asserts the Republic of China to be an illegitimate and supplanted entity and administratively categorizes Taiwan as a province of the PRC. The term "mainland China" is sometimes used to denote the area under the PRC's rule, usually excluding the two Special Administrative Regions, Hong Kong and Macau.
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