This minicourse examines how China has grown into the second largest economy in the world, and the challenges and opportunities along the way. It delineates the complexity of contemporary China with respect to economic, technological, political, environmental, and social issues and how it influences corporations in a wide range of industries. Based on in-depth discussions of empirical studies and business cases, it aims to provide students with analytical frameworks to navigate in the China business environment and address the challenges and threats. Topics include the roles of government and state-owned enterprises in the economy system and the implications for multinational corporations and entrepreneurial firms, the liberalization of the factor and output markets, the driving forces and the consequences of China’s technology advancement, the environmental degradation and unprecedented regulatory changes in recent years, the protection of intellectual property rights, culture factors embedded in business practices, and China-US economic tension.