That character is used to represent the "axis" or "centre" and is HALF of the name of China. It is "sort-of" pronounced "Choong" and the other symbol that should follow it, (if writing the name, "China") is "Quoc", meaning "Kingdom" or similar. Hence the term "Middle Kingdom" being used for China. However, the translation "central" or "pivotal", i.e., that around which all else revolves, (and all that is implicit in that name), is probably more accurate.
Maybe the last "official" owner of this particular AK was noisily interrupted in mid "carve".