Chinese has been known to be a language without grammaticalized tense. However, this statement does not mean that native speakers of Chinese cannot tell the temporal location of a Chinese sentence. In addition to temporal phrases, which often are considered to identify the temporal location of a Chinese sentence, the aspectual value of a sentence, either situation aspect or viewpoint aspect, plays a significant role in this issue. Basically, a telic event receives a past interpretation unless explicitly specified otherwise whereas an atelic event gets a present reading until overridden. In addition, there is a possibility, based on examples where the past has an effect on the whole discourse in Chinese instead of single sentences, that tense is a discourse-level feature in Chinese. On the other hand, Chinese has a rich aspectual system, including four aspect markers: perfective le, experiential guò, durative zhe, and progressive zài. The former two are perfective markers and the latter are imperfective markers. Perfective le interacts with eventualities of different situation types to yield different readings. Going with an accomplishment, perfective le receives a completive reading or terminative reading. Presenting an achievement, perfective le gets a completive reading. Perfective le plus an activity forms an incomplete sentence. Together with a state, perfective le induces an inchoative reading. Most of the theories that explain the diverse readings of perfective le resort to the obvious, differentiating point in the temporal schema of a situation: either the (natural) final endpoint or the initial point. Experiential guò has several semantic properties, including at least one occurrence, a class meaning, discontinuity, compatibility only with recurrable situations, and temporal independence. There are two major accounts for the semantics of experiential guò: the temporal quantification account and the terminability as the sole inherent feature account. For the former, experiential guò is considered a temporal quantifier and all the properties follow from the semantic properties of a quantifier. For the latter, terminability is argued to be the sole inherent semantic property for experiential guò and all the properties are derived from discontinuity. The semantics of the two imperfective makers are less complicated. It is generally accepted that progressive zài presents an unbounded, ongoing event but that durative zhe introduces a resultative state. One possible further semantic distinction between progressive zài and durative zhe is that the former has an instant reading whereas the latter has an interval reading. Moreover, the rhetorical function of durative zhe needs to be considered so that a satisfactory explanation for the V1 zhe V2 construction can be achieved.