China's economy ended 2020 on a stronger note than we expected, with growth in industry being especially rapid. In the fourth quarter of 2020, China's GDP growth increased to 6.5 percent year-on-year, or 2.9 percent quarter-on-quarter in seasonally adjusted terms in our (Oxford Economics') estimation, comfortably beating our forecast of 2.2 percent and the consensus, underpinned by an acceleration in industrial value added, investment and exports. The strong fourth quarter lifted China's GDP growth to 2.3 percent last year and will have a substantial carry-over impact on this year's economic growth. We have revised up our outlook for exports, and, relatedly, manufacturing investment, mainly because of the strong recent export and export order data for the Chinese mainland, Taiwan and the Republic of Korea, plus an upward revision of the forecast for the United States' economic growth following increased likelihood of substantial additional fiscal stimulus there. We downgraded our ... » Learn More about Strong exports suggest higher growth
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In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million. The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work. It's a new type of digital asset - known as a non-fungible token (NFT) - that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online. Blockchain technology allows the items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced. "You can go in the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn't have any value because it doesn't have the provenance or the history of the work," said ... » Learn More about A 10-second video clip bought for $67K has sold for $6.6 million: Here’s the story behind it
AHMEDABAD : Just why did Ahmedabad expand in the periphery? A new World Bank report traces the history of the city’s expansion to the development plan of 1965 when a 240 metres wide area on private agricultural land covering an area of 8.4 sq km was proposed in the new plan. This was the year when the total municipal area of the city was 93 sq km. Today, the urban agglomerate area of the city, including AUDA area, is around 1,900 sq km with a green belt covering 9% of the total land cover. “The main objective of the green belt was to restrict urban sprawl and regulate and balance open versus built development and act as a sink for urban pollution,” claims the paper authored by Madhu Bharti and Shagun Mehrotra. But this proposal met with resistance as land owners were unhappy with AMC’s compensation and challenged the plan in the court. In the 1980s and 1990s the report states, the city rapidly expanded beyond the municipal corporation limits, leading to fragmented ... » Learn More about Why did Ahmedabad grow on periphery?
BEIJING－China's poverty alleviation work does more than just create wealth for impoverished residents. It also brings warmth to front-line participants. Shi Peng, a patent examiner at the National Intellectual Property Administration, is one of hundreds of thousands of officials stationed in rural China to spearhead poverty reduction efforts. Since 2017, the 38-year-old has been dispatched to two villages in Sangzhi county, Hunan province. Spending four years in a mountainous county, once home to some of the poorest areas in China, would perhaps be seen as a hardship for many, but Shi cherishes it. "I have learned a lot from the people I helped and served," Shi said. "That can never be achieved through office work." Engaging in patent work for more than 10 years, Shi grew tired of his regular job sitting in front of a computer all day. He thought poverty alleviation was an opportunity to change. "I was not afraid of living in poor conditions. I was born and grew up in rural ... » Learn More about Anti-poverty efforts also benefits front-line worker