That's the Varyag, a Soviet-era Aircraft Carrier acquired by the Chinese. It is China's only aircraft cariier so far, though, predictably because they are more difficult to make than toothbrushes and silly-bands. From the Center for Strategic and International Studies:
The acquisition of an aircraft carrier is driven in part by China’s desire for international prestige. The United States, United Kingdom, France, Russia, Spain, Italy, India, Brazil, and Thailand operate a total of 21 active-service aircraft carriers (the United States alone operates 11). An aircraft carrier is widely viewed by Chinese as a symbol of national power and prestige. PLA officers often remind foreigners that China is the only permanent member of the UN Security Council without a carrier. At the same time, however, the procurement of the carrier is a consequence of an improved continental threat environment that has imposed constraints on China’s ability to develop sea power.Yeah, they don't sound too worried. And yet, China having zero aircraft carriers when we had eleven was an infinity-to-one ratio, and now it's just down to eleven-to-one, which isn't nearly as good, so perhaps we should be. Read the rest of the article here, as it is an interesting look at China's current military capabilities (just successfully tested a stealth fighter and an ASAT weapon, for example, which puts them around 20 years behind us, or so).
