"Sie hat ein Kind."

Translation: She has a kid.

[LittleDino]

Does this mean she bears the child as in 'pregnant', or she has it as in 'upbringing'?

[RobinV.]

It means she is the mother to a child. To express that she is pregnant you could say "sie erwartet ein Kind" (she is expecting a child) or "sie ist schwanger" (she is pregnant).