政权 (zhèngquán) means "regime" or "political power," referring to the governing authority of a state or the system by which a country is ruled. It is composed of 政 (politics) and 权 (power/authority). It is commonly used in political and historical discussions.
那个旧政权在革命中被推翻了。
Nàge jiù zhèngquán zài gémìng zhōng bèi tuīfān le.
That old regime was overthrown in the revolution.
新政权成立后,国家开始了一系列改革。
Xīn zhèngquán chénglì hòu, guójiā kāishǐ le yī xìliè gǎigé.
After the new regime was established, the country began a series of reforms.
人民希望政权能够真正为老百姓服务。
Rénmín xīwàng zhèngquán nénggòu zhēnzhèng wèi lǎobǎixìng fúwù.
The people hope that the government can truly serve the common people.