Das spielende Kind lacht.
English: The playing child is laughing.
In German, 'Partizipien' are participles. They are special verb forms that can be used as adjectives or to form certain tenses.
Partizip I is used to describe someone or something performing an action (like an adjective). Partizip II is used to form perfect tenses (like 'Perfekt', 'Plusquamperfekt', 'Passiv') or as an adjective to describe a completed action.
Das spielende Kind lacht.
English: The playing child is laughing.
Die gekochte Suppe ist heiß.
English: The cooked soup is hot.
Ich habe das Buch gelesen.
English: I have read the book.
Die geschlossene Tür ist rot.
English: The closed door is red.