According to Reuters, citing sources, due to conflicts in the Middle East, crude oil produced in Iraq cannot be exported through the Strait of Hormuz. Crude oil production in the country's main southern oil fields has dropped by nearly 70% to only 1.3 million barrels per day. Before the situation in the Middle East escalated,
Special Topic: NVIDIA’s quarterly report will hit hard, will the market value fluctuate to US$260 billion?
Golden Ten Data
For maintaining the rebound of U.S. stocks, Nvidia's (NVDA.O) second-quarter earnings report, which will be released after U.S. stocks close on Wednesday, may even be more important than last week's signal from Federal Reserve Chairman Powell to cut interest rates.
U.S. stocks rose sharply on Friday, with the Dow Jones Industrial Average (DJIA) closing at its first new high since December last year, a boost after Powell hinted at a possible interest rate cut in September at the Jackson Hole annual meeting. Small-cap stocks had their best day since May, with the S&P 500 (SPX) recording three consecutive weeks of gains.
However, the market gave back a significant portion of those gains on Monday, as investors appeared to be beginning to think more deeply about the reasons behind Powell's dovish comments.
Generally speaking, lower interest rates have a direct support for the stock market because the risk-free yield on government bonds decreases, which increases the discounted present value of future cash flows. However, if the rate cut is driven by an economic slowdown, corporate profits may also deteriorate; if the rate cut triggers inflationary pressure, the real value of future cash flows will also be eroded.
In his speech, Powell warned that the job market was cooling and said the inflation risk from tariffs was clearly visible, suggesting both scenarios were happening.
The bond market echoed this concern. On Monday, the spread between the 2-year and 10-year U.S. bond yields rose to the highest level since 2021, with short-term yields falling faster than long-term yields. This means that the bond market is expecting the Federal Reserve to cut interest rates, but at the same time is still worried about rising inflation and stagnant economic growth.
Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, noted that weak growth could test the tech giants that have driven U.S. stocks higher this year. Wall Street would need to see "a significant upgrade in consensus GDP forecasts" before analysts would raise their profit forecasts for these tech giants.
"This will pose a challenge to further gains in U.S. stocks as a whole, especially in the trading of large-cap growth stocks and technology stocks," she said.
Against this background, NVIDIA's second-quarter financial results, scheduled to be announced after the U.S. stock market closes on Wednesday, are particularly interesting. The leading artificial intelligence chip company is at the core of the technology giant market, with about 40% of its revenue coming from Alphabet, the parent company of Microsoft (MSFT.O), Amazon (AMZN.O), Meta Platforms (META.O) and Google (GOOGL.O).
NVIDIA's market share in the AI chip market is as high as 80%. The company's market value is approximately US$4.3 trillion, accounting for approximately 8% of the total market value of the S&P 500 Index. According to calculations by Synovus analyst Dan Morgan, approximately 60% of the capital expenditures of these technology giants will go to AI, and Nvidia’s sales prospects will directly verify or challenge the market’s most important narratives.
The six largest technology companies in the US stock market currently account for about 34% of the total market value of the S&P 500, which means that Nvidia's performance may be more influential than expectations for interest rate cuts. Although the Federal Reserve will receive employment and inflation data before its mid-September meeting, Nvidia's outlook may be more decisive.
Although AI trading is undoubtedly a positive factor for U.S. stocks, RBC's Calvasina pointed out that investors sold off technology stocks last week precisely because "the AI theme that drove the rise of giant stocks has once again been strongly questioned."
NVIDIA's stock price has increased its market value by more than US$1 trillion in the past 12 months, and has increased by nearly 30% so far this year. Its valuation is already very expensive. Jacob Falkenscone, global head of investment strategy at Saxo Bank, warned that Nvidia shares have "little room for error" ahead of Wednesday's earnings report.
He said: "Despite its dominance, Nvidia's 'Achilles heel' is that competitors or regulators can quickly change the rules of the game. If growth slows or margins are less than expected, the downside risks could be dramatic."
China News Service, Beijing, March 8 (Reporter Zhu Fangfang) Mingyitsomo, who was born in the Qiangtang grassland in northern Tibet, was influenced by his parents since he was a child and started studying Tibetan medicine at the age of 13. In an interview with China News Service at the Fourth Session of the 14th National Committee of the Chinese People's Political Consultative Conference, the member of the National Committee of the Chinese People's Political Consultative Conference and a professor at the Tibetan Medicine Department of Tibet University of Tibetan Medicine said that with the integration of Tibetan medicine into the modern university education system, more and more women are joining the cause of Tibetan medicine.
According to her observation, currently women account for about half of Tibetan doctors.
In early 2005, Mingyitsomu embarked on the road of studying abroad after practicing medicine in Tibet for many years. She studied for a PhD in Medical Anthropology at Humboldt University in Berlin, Germany. During her PhD, she also applied for a Master of Public Health at the University of Sheffield. She later completed postdoctoral research in medical anthropology at the University of Oxford in the UK and the Austrian Academy of Sciences, becoming the first female dual postdoctoral fellow in medical anthropology in Tibet.
She has been paying attention to the development of women in the field of Tibetan medicine for a long time. "Women have resilience and compassion. These are very important qualities for those engaged in Tibetan medicine. Let us bring these strengths to the world." Mingyitsomo said.
Recalling the situation before studying abroad, Mingyitsomu said: "I visited more than 60 villages in Tibet at that time. The conditions at the grassroots level were not as good as they are now. The purpose of going there was to change the public health conditions at the grassroots level. I felt that I needed to strengthen my studies." In order to facilitate clinical research after returning to China, she also systematically studied evidence-based medicine and served as a visiting scholar at the Center for Evidence-Based Medicine at the University of Oxford.
"The research conditions and research environment abroad were better at that time, but when I come back, I want to at least be able to take a leading role, help the younger generation of Tibetan doctors, teach some research methods, and at the same time provide public health guidance and health services to grassroots farmers and herdsmen, and promote the formulation of international standards for Tibetan medicine." Mingyitsomo said this about her consideration of returning to Tibet after studying abroad for more than ten years.
In recent years, she has served as a core member to promote the "Tibetan Medicine Bath Method" to be selected into the UNESCO Representative List of Intangible Cultural Heritage of Humanity.
Mingyitsomo said that studying abroad has broadened international horizons and built an integrated knowledge system. At the same time, it has played a certain role in mastering medical research methods, improving the level of Tibetan medicine research, and standardizing the international standards of Tibetan medicine. (over)
USDT is a stablecoin pegged to the U.S. dollar. It was launched by Tether in 2014 to provide a price-stable trading medium for the cryptocurrency market. The full name of USDT is TetherUSD, and its value maintains a 1:1 anchor relationship with the US dollar. Users can exchange it at any time through the Tether platform. As one of the earliest stablecoins launched in the world, USDT solves the problem of high volatility in the cryptocurrency market by combining legal currency with blockchain technology and becomes an important tool in digital asset transactions. Tether claims that every USDT issued is backed by corresponding U.S. dollars or other asset reserves, and enhances transparency through regular audits and public reserve status. Since its launch, USDT has developed into the stablecoin with the largest market capitalization and the highest liquidity, and is widely used in exchange transactions, cross-border payments, and decentralized finance (DeFi).
The development prospects of USDT currency have attracted much market attention, especially in the fields of cross-border payments and financial inclusion, showing great potential. With the expansion of the global digital currency market, the market value of USDT will exceed US$160 billion in 2025, with the number of users exceeding 400 million, and emerging markets have particularly strong demand for it. Standard Chartered Bank predicts that with legislative protection, stablecoin circulation may increase to US$2 trillion by 2028, and USDT is expected to continue to dominate with its first-mover advantage and leading market share. Tether has further consolidated its credit foundation by allocating a large amount of its reserves in U.S. Treasury bonds (holding $127 billion as of 2025, making it the 18th largest holder of U.S. debt in the world). Despite regulatory pressure and transparency disputes, USDT's penetration rate in emerging scenarios such as DeFi and international trade settlement continues to increase, and its growth trend is deeply tied to the overall development of the cryptocurrency market.
The market advantages of USDT currency are mainly reflected in stability, liquidity and wide acceptance. As a stablecoin anchored to the U.S. dollar, USDT effectively reduces the volatility risk of cryptocurrency transactions and becomes a safe haven choice for investors when the market is turbulent. Its liquidity advantage is also outstanding, covering almost all mainstream exchanges, with an average daily trading volume of tens of billions of dollars, and supports multi-chain issuance (such as Ethereum, Tron, Solana, etc.), and has low transfer costs. USDT shows an efficiency that is unmatched by the traditional banking system in cross-border payments. Transactions can be completed within minutes, and the handling fees are much lower than traditional channels such as SWIFT. These characteristics make it an important value storage and exchange tool in areas with unstable legal currencies such as Asia, Africa and Latin America, and it is even used for bulk commodity trade settlement.
The usage scenarios of USDT currency have expanded from the initial exchange fund transfer to diversified fields. In cryptocurrency trading, USDT is the main trading pair benchmark, which allows users to quickly switch assets to avoid market fluctuations. In terms of cross-border remittances, USDT uses blockchain technology to bypass the complex intermediary banking system and provide efficient and low-cost solutions for individuals and businesses. USDT serves as collateral and liquidity tool in the DeFi ecosystem, supporting on-chain financial services such as lending and pledging. Some online games and e-commerce platforms have also begun to accept USDT to pay for virtual goods, while emerging markets use it as a financial hedge against the depreciation of their currencies. USDT has also been integrated into the systems of traditional payment giants such as Visa and MasterCard, further broadening the application boundaries.
The highlight features of USDT currency are its technical compatibility and financial innovation. As a cross-chain stable currency, USDT can be circulated on different blockchains such as Ethereum and Tron, taking into account both flexibility and security. Tether not only ensures stability but also shares the appreciation dividends of crypto assets by holding a combination of cash equivalents such as U.S. Treasury bonds (accounting for 81.5% of reserves) and Bitcoin (accounting for 5.1%). USDT is regarded as the "fixing needle" of the cryptocurrency market. Although the reserve transparency controversy has long existed, its role as a digital dollar alternative has been widely recognized by users in emerging markets. Professional institutions analyze that USDT promotes the formation of "USD stable currency hegemony" and provides financial infrastructure support for cross-border operations of small and medium-sized enterprises, demonstrating the unique value of the integration of technology and finance.
Member of the 14th National Committee of the Chinese People's Political Consultative Conference, chairman of the China Development Research Foundation, and former deputy director of the Development Research Center of the State Council. Source of this article: China Real Estate News
Zhang Junkuo: Current economic situation, development trends and policy thinking
Hello everyone, I am very happy to participate in the "2026 China Real Estate Annual Trend Forum". According to the meeting arrangement, I combined my study of the spirit of the Central Economic Work Conference to communicate with you on the "current economic situation, development trends and policy thinking" to provide a macro background for everyone to think and discuss the high-quality development of real estate. It mainly talks about three aspects, one is about the basic characteristics of the current economic situation, the second is an introduction to this year's market demand environment and development trends, and the third is some thoughts on further releasing the potential of domestic demand and promoting a high-level dynamic balance of total supply and demand.
1. About the basic characteristics of my country’s current economic situation
Regarding the current economic situation, the Central Economic Work Conference summarized it in two sentences: first, "to move forward under pressure and develop in a new and optimal direction"; second, "there are still many old problems and new challenges in economic development." It should be said that these two sentences summarize the basic characteristics of the current economic situation more accurately and objectively.
“Moving forward under pressure” is mainly reflected in macroeconomic indicators. According to data from the National Bureau of Statistics, my country's GDP will grow by 5% in 2025. Among the world's major economies, my country is still the fastest growing economy. According to relevant statistical forecasts, the US GDP growth rate in 2025 is expected to be around 2.1%, the Eurozone is expected to be around 1.4%, and Japan is expected to be around 1.2%.
Judging from the main physical volume indicators, in 2025, the electricity consumption of the whole country will increase by 5.5% year-on-year, the highway freight volume will increase by 3.8%, and the railway freight volume will increase by 2.1%, which is basically consistent with the macro aggregate indicators.
"Developing towards newness and excellence" is mainly reflected in the continuous optimization of the economic structure and the continuous improvement of high-quality development.
For example, from an industrial perspective, the high-end, intelligent, and green manufacturing industry is accelerating, and new products, new industries, and new drivers continue to grow rapidly. In 2025, the added value of the equipment manufacturing industry will increase by 9.2%, and the added value of high-tech manufacturing will increase by 9.4%, with growth rates 3.3 and 3.5 percentage points faster than those of industries above designated size respectively.
For another example, from the perspective of consumer demand, service consumption is faster than commodity consumption. In 2025, service retail sales will increase by 5.5% over the previous year, which is 1.7 percentage points higher than the growth rate of commodity retail sales in the same period. The retail sales of services such as digital consumption, culture, sports and leisure, tourism rental, transportation, and communication information are growing rapidly.
For example, in terms of exports, exports of new products and new drivers continue to grow rapidly. According to customs statistics, in 2025, China's exports of high-tech products will increase by 8% year-on-year, of which integrated circuit exports will increase by 27.4% year-on-year. China's complete vehicle exports increased by 22% year-on-year.
Regarding the old problems and new challenges faced by current development, the following points are highlighted.
First, economic growth is slowing down quarter by quarter, and downward pressure is still considerable. Judging from the growth of major economic indicators in each quarter of last year, including GDP, industry, service industry, etc., the overall trend was high and then low, and continued to decline. Especially after entering the fourth quarter, the downward trend became more obvious.
Secondly, the contradiction between strong economic supply and weak demand is still quite prominent, and market prices continue to be depressed. Since the second half of the year, the growth momentum of consumer demand has continued to weaken, with the GDP growth rate in December being only 0.9%, the lowest point in 35 months since the epidemic. Fixed asset investment fell by 3.8% throughout the year, a rare negative growth in more than 30 years since 1989. Among them, real estate investment fell by 17.2%. Prices are the most concentrated expression of supply and demand. On average for the whole year, consumer price CPI was the same as last year, well below the annual expected target of rising by about 2%, while producer price PPI fell by 2.6%.
Third, enterprises still face many difficulties in development, and the problem of unstable expectations is still prominent. Last year, the profits of industrial enterprises above designated size increased by 0.6% year-on-year, and the annual average operating income profit margin was 5.31%, a decrease of 0.03 percentage points from the previous year. In addition, the problem of corporate account arrears is still prominent. As of the end of December last year, the accumulated accounts receivable of industrial enterprises above designated size reached 27.4 trillion yuan, an increase of 4.7% over the same period last year, and the inventory of finished products reached 6.73 trillion yuan, an increase of 3.9% over the same period last year.
In terms of business expectations and confidence, according to data from the National Bureau of Statistics, from April to November last year, China's manufacturing sales managers index PMI was below the 50% boom-bust level for eight consecutive months, setting the longest contraction cycle since 2019. It improved at the end of the year, rising to 50.1% in December, an increase of 0.9 percentage points from the previous month. However, whether this trend can be sustained remains to be further observed.
Fourth, consumer confidence continues to be sluggish, and people are under pressure to increase their employment and income. These pictures respectively show the status of consumer confidence, employment confidence and income confidence in my country. It can be seen that in the short term, consumer confidence has improved to some extent, but in the medium and long term, both the consumer confidence index, the consumer employment confidence index, and the consumer income confidence index are all at historically low levels.
Finally, there are still many hidden risks. In addition to "the deepening impact of changes in the external environment," the central economic work mainly emphasizes real estate risks and local government debt risks, including operating debt risks of local government financing platforms. As we all know, when the Central Economic Work Conference at the end of 2024 deployed risk prevention and control work in 2025, it mainly emphasized the risks of real estate, small and medium-sized financial institutions and illegal financial activities, and did not place special emphasis on local debt risks. This issue has been raised again this year, which shows that real estate and local debt risks have become the two key areas to prevent and resolve risks in the next step.
The above are some of the main situations and basic characteristics of economic operations since last year. Generally speaking, it has both good and problematic aspects. It should be said that both aspects are relatively prominent. In particular, there is still a relatively obvious temperature difference between macro data and the micro-feelings of enterprises and consumers, and the foundation for economic recovery needs to be further consolidated.
2. Several analyzes on this year’s demand environment and development trends
When analyzing and predicting the macroeconomic situation and its trends, the medium and long term mainly focus on the supply side, while the short term mainly focuses on the demand side. This is especially true under the current economic background of our country. This is because, after years of development, our country has formed a strong manufacturing capability. Although this capability also has shortcomings and obstacles, overall, its scale and competitiveness are unparalleled in the world. Under this circumstance, the main contradiction in my country's economic operation, or the main aspect of the contradiction, has gradually shifted from the supply side to the demand side. Only when the demand problem is relatively well solved and the relationship between supply and demand is relatively relaxed can the economic cycle be relatively smooth and the economy as a whole achieve relatively stable and sustainable development. Only when the overall economic growth is relatively stable and sustainable can scientific and technological innovation, green transformation, common prosperity, improvement of people's livelihood, risk resolution, and the solution of other problems such as coping with external challenges have a stronger foundation and more favorable conditions.
An analysis of this year's total demand situation shows that there are many favorable factors as well as many risks and challenges. From a comprehensive judgment, overall, there will be improvement based on this year's basis.
(1) Regarding the external demand environment
Here are the predictions of the global economy and trade in 2026 by the five major international organizations: the IMF, World Bank, OECD, United Nations, and WTO. Taken together, there is a high probability that the global economic growth rate this year will be slightly lower than last year, while the growth rate of global trade, especially trade in goods, is likely to be significantly lower than last year.
Judging from my country's export situation, my country's exports have been able to maintain strong resilience in recent years, mainly due to the rapid growth of new products and new momentum, the continuous deepening of market diversification, and the continuous highlighting of the resilience advantages of the supply chain. These advantages and favorable conditions will continue to appear and work this year. Of course, there is also great uncertainty in the external environment. After two consecutive years of high growth, the base is already relatively high. Coupled with the appreciation of the exchange rate and the increased concerns about trade imbalance in some countries after last year's trade surplus exceeded 1 trillion US dollars. Based on comprehensive judgment, the market generally expects that my country's export growth this year will most likely fall significantly compared with last year, and is expected to be between 3-5%.
(2) Regarding consumer demand
Unsatisfactory growth in consumer demand has been a prominent problem in recent years. As shown in the figure, before the epidemic, the zero growth rate of my country's social economy was generally close to 10%. The epidemic has caused sharp fluctuations in the growth rate of consumer demand, but it has been sluggish since the epidemic. Although the growth rate last year has rebounded compared with the year before, the growth rate has been high and then low, and continues to decline, indicating a lack of stamina and a weak recovery.
This year, there are three main factors conducive to the growth of consumer demand:
First, stimulus policies will continue to be effective. The Central Economic Work Conference not only listed "adhering to domestic demand as the leading factor and building a strong domestic market" as the top priority for economic work this year, but also regarded expanding consumer demand as the top priority for expanding domestic demand. It emphasized the need to implement in-depth special actions to boost consumption, formulate and implement plans to increase the income of urban and rural residents, optimize the implementation of the "two new" policies, clean up unreasonable restrictive measures in the consumption field, and release the potential of service consumption.
The second is the basic stability of residents' employment and the restorative growth of income and confidence. The national average urban survey unemployment rate in 2025 is 5.2%, of which it was 5.1% in December. The growth of per capita disposable income of residents has basically kept pace with economic growth. Since last year, especially in November, the consumer confidence index, employment confidence index and income confidence index have all shown significant restorative improvements.
Third, the continuous expansion of consumption scenarios and fields is conducive to the release of consumer demand. The number of theme markets and immersive experience stores has increased, online and offline integration has become closer, and the product categories covered by instant retail have expanded from fresh food to digital, pharmaceutical, etc., making consumption more convenient. These factors will work together with policies to promote continued expansion of consumption.
The main disadvantage is that the stable growth of consumer demand most fundamentally depends on the enhancement of consumption power and the improvement of consumer confidence. This depends not only on the significant improvement of residents' employment status, significant increase in income and optimization of income structure, but also on the stable improvement of residents' asset status and the continued enhancement of wealth effects. These are subject to the overall improvement of the macro economy, so it is difficult to achieve overnight and requires a process of mutual promotion and gradual accumulation.
Based on comprehensive judgment, market institutions generally expect that consumer demand will rebound further this year on the basis of last year's recovery, and the growth rate will be higher than last year's 3.7%, but it will not be much higher. Market institutions predict that most of them are between 4% and 5%.
(3) Regarding investment needs
As mentioned above, fixed asset investment last year experienced a rare negative growth that had not been seen in many years, becoming the biggest shortcoming in expanding domestic demand.
This year, there are two main factors conducive to investment growth:
First, this year is the first year of the "15th Five-Year Plan". Many major projects in the "15th Five-Year Plan", including major science and technology power projects, major infrastructure projects, major green transformation projects, major livelihood projects and major regional coordinated development projects, will be concentrated in this year in accordance with the central government's requirements of "early planning and early start", forming a physical workload and playing an important supporting role in the recovery of investment.
Second, from a macro policy perspective, promoting effective investment is still a focus this year, and the policy environment is relatively favorable. The Central Economic Work Conference clearly stated that in 2026, it is necessary to "promote investment to stop falling and stabilize". To this end, it is necessary to appropriately increase the scale of investment within the central budget, optimize the implementation of "double" projects, optimize the management of local government special bonds, continue to play the role of new policy financial instruments, effectively stimulate the vitality of private investment, and at the same time, promote urban renewal with high quality. Officials from the Ministry of Finance have also repeatedly stated that the central government's overall fiscal support this year will "only increase but not decrease", and the protection of key areas will "only be strong but not weak". In 2026, ultra-long-term special treasury bonds will continue to be used for "double" and "two new" tasks. In this context, macroeconomic policy support will only become stronger, not weaker.
Looking at the three major investment areas of manufacturing, infrastructure and real estate, manufacturing investment increased by 0.6% last year, the lowest point in many years. This year, the vigorous development of new technologies, new industries, and new driving forces will undoubtedly be conducive to the growth of manufacturing investment. However, for traditional manufacturing industries with large volumes and wide areas, the key still depends on market demand, corporate profitability, and entrepreneurs' confidence in development prospects. Taking into account various factors such as policy support and changes in market demand, market institutions generally predict that the growth rate of manufacturing investment this year will improve compared with last year, reaching 3% to 5%. Infrastructure investment fell by 2.2% last year, the first time in more than 30 years. Infrastructure investment may benefit the most from the favorable macro policy environment in the above two points. Market institutions generally predict that the growth rate of infrastructure investment this year may increase significantly compared with last year, reaching about 4% to 5%, becoming the most important force supporting the stabilization of investment this year. In terms of real estate investment, it fell by 17.2% last year, the largest decline in many years. The Central Economic Work Conference continued to emphasize that this year we must "focus on stabilizing the real estate market, implement city-specific policies to control increment, destock, optimize supply, and encourage the acquisition of existing commercial housing to focus on affordable housing." We must "promote the construction of "good houses" in an orderly manner, and accelerate the construction of a new model of real estate development." In addition to increased policy support and a more positive policy environment, urban renewal has been further intensified and the confidence of home buyers in some cities has improved, which is also conducive to the restorative growth of real estate investment. Taking into account various factors, market institutions generally predict that although it is still difficult for real estate investment to get rid of the negative growth pattern this year, compared with last year, the negative growth rate is expected to narrow significantly.
Based on comprehensive judgment, there is a high probability that investment growth this year will be better than last year, and it is expected to stabilize and achieve positive growth of 2% to 3%.
The above are some basic conditions and analysis and predictions of market institutions about this year's total demand trend. The market situation changes rapidly, and there are many unstable and unpredictable factors, especially the international environment, so the situations introduced are for reference only.
3. Combining long-term and short-term measures to treat both symptoms and root causes to continuously and effectively release the potential of domestic demand
As mentioned just now, at this stage, whether it is to boost confidence and stabilize growth in the short term, or to promote sustained and high-quality economic development in the medium and long term, expanding domestic demand plays a very critical and even decisive role. In fact, everyone has seen that expanding domestic demand has always been a focus of the party and the government's economic work in recent years. Especially in the past two years, the scope and intensity of policies to expand domestic demand are unprecedented. Judging from the actual operating conditions of the economy, various policy measures to expand domestic demand have also achieved positive results and played an important role in ensuring the realization of expected development goals. Despite this, the problems of insufficient market demand, strong supply and weak demand, and weak prices are still prominent. So what exactly is the problem? How should the policy of expanding domestic demand be further focused?
Due to time constraints, it is impossible for me to go into detail. Here I will briefly talk about the basic understanding and suggestions from the two aspects of consumption and investment.
(1) To continuously and effectively release the potential of consumer demand, more emphasis must be placed on structural countermeasures
In recent years, everyone has become more and more aware that the reasons for my country's current insufficient consumer demand include, in addition to the impact of short-term market volatility factors, medium- and long-term phased and deep structural constraints. The so-called staged reasons mainly refer to the fact that due to the improvement of my country's development level and changes in population structure, my country's residents' overall consumption has shifted from mainly commodity consumption to both commodity consumption and service consumption. The so-called structural reasons are mainly due to the long-term low consumption rate of Chinese residents. According to the analysis of different scholars, the degree of low is roughly 10% to 20%. Short-term factors and medium- and long-term factors are not only superimposed and intertwined in time and space, but also interact and reinforce each other, forming a negative cycle of shrinking demand, increasing employment pressure, slowing income growth, weakening wealth benefits, and further declining consumption capacity and consumer confidence. Therefore, the response must be to use short-term and powerful stimulus policies to interrupt the negative cycle, while at the same time focusing on solving the underlying problems and continuously laying a solid foundation for sustained and stable growth.
On the one hand, the counter-cyclical consumption stimulus policy must continue to optimize the scope and structure of support for commodity consumption without reducing the total amount and continuing to exert force, and support service consumption with greater intensity. In particular, in accordance with the requirements of investing in people, it must target urgent and difficult issues such as education, medical care, pensions, and childbirth that the masses are anxious about, and increase subsidies to boost consumption willingness and enhance consumption ability. On the other hand, we must effectively implement the residents' income growth plan, and make greater efforts to improve the level of social security and public services for low-income groups, effectively enhancing the safety expectations and consumer confidence of our residents.
(2) The space for investment demand is still not small, and it also needs to be supported through institutional and policy innovation.
At the current stage, although consumer demand needs to play a greater role in driving economic growth and the proportion of consumer demand in total demand needs to be significantly increased, this does not mean that investment is unimportant, nor does it mean that efforts to expand effective investment can be relaxed. Fully unleashing consumption potential and focusing on expanding effective investment should be paid equal attention to achieve positive interaction.
There are two key focuses to further release and expand the potential of investment demand. One is to accelerate the formation of a new model of urban and rural construction and real estate development that is suitable for the new stage, and the other is to vigorously boost private investment and foreign investment.
With the changes in development stages, although the past era of large-scale or even extensive urban and rural construction and real estate investment expansion characterized by solving housing shortages has ended, investment and consumer demand focused on improving the urban and rural environment and housing quality are still huge. Taking cities as an example, it includes urban renewal and environmental optimization, as well as residents’ demand for higher-quality housing. The problem is that although the investment needs in these areas are not small, they are difficult to achieve through the simple real estate development model of the past, let alone the incentive mechanism of land finance. To fully unleash these investment potentials, it is necessary to accelerate the exploration and formation of new models of urban and rural construction and real estate development that are suitable for the new stage. The key is to coordinate and balance the interests of all relevant parties, clarify the responsibilities and rights of different subjects, and give full play to the role and enthusiasm of the government, enterprises, owners, society and other parties.
To further promote private investment and foreign investment, in addition to continuing to respond through policies to expand domestic demand, it is also very important to further improve the business environment and stabilize and enhance business expectations and confidence by deepening reforms and expanding opening up.
Finally, it needs to be pointed out that the Party Central Committee has repeatedly emphasized that our country’s economic foundation is stable, has many advantages, is strong in resilience, and has great potential. The supporting conditions and basic trends for long-term improvement have not changed. Indeed, from a global perspective, the advantages or favorable conditions for my country's development are not only huge, but also unique and even unique. As long as we follow the requirements of the Central Economic Work Conference, adhere to both policy support and reform and innovation, combine long-term and short-term measures, and address both the symptoms and root causes, we will surely be able to promote further economic recovery and lay a solid foundation for medium- and long-term high-quality development.
OKNews reported on November 29 that the price of Pepe currency is slowly recovering after experiencing a short-term decline of 15%. It still recorded an increase of 18% in the past week. The current price is approximately US$0.000004605, and its daily trading volume continues to exceed US$240 million. Meanwhile, Bitcoin price is hovering near the $91,000 mark, and market traders are paying close attention to whether it can successfully stand above $92,000 to confirm the start of a new upward trend. At the macro level, the probability of the Federal Reserve cutting interest rates by 25 basis points in December has risen to 80%. Coupled with the progress made by the two parties in the United States on the Cryptocurrency Market Structure Act, it is expected to bring a clearer regulatory framework and improved liquidity to the market, which may have a positive impact on Internet meme coins such as Pepe Coin, Fartcoin and SPX6900.
Gold trading platform - formal gold trading platform.
In this context, safe and reliable digital asset management tools are particularly important. As a multi-functional Web3 wallet, XBIT Wallet is committed to providing users with a safe and convenient digital asset storage and management experience. It not only supports multi-chain asset display, but also allows users to easily connect to various decentralized applications (DApps) and participate in diversified financial activities such as staking, lending, and liquidity provision. Through XBIT Wallet, users can track market changes in assets such as Pepe and Bitcoin in real time and respond quickly when market opportunities arise.
In addition to market fluctuations, the practical applications of blockchain technology are also constantly expanding. OKNews news shows that the Afreum ecosystem based on the Stellar blockchain will soon launch the Africa Wallet mobile super application. Powered by the $AFR token, the application integrates more than 150 fiat currency tokens backed by USDC, supports cross-border transactions, has a handling fee of less than $0.01, and can achieve instant settlement. Its core functions include providing DeFi services with annualized returns of up to 13%, a tokenized African physical asset (such as real estate) trading market, and a convenient legal currency exchange entrance. Afreum’s vision is to promote inclusive finance in Africa by integrating traditional finance and blockchain tools. This type of innovation coincides with the concept of XBIT Wallet, which aims to become an important portal for users to enter the global decentralized economy, allowing everyone to manage their digital wealth safely and simply.
OKNews reports that the combination of artificial intelligence and blockchain is opening up new possibilities. Pundi AI's Data Pump DApp has been officially launched on Binance Wallet, enabling more than 275 million users to participate in the decentralized AI data economy through a code-free way. The integration allows dataset owners to convert verified data into liquid dataset tokens (DTOKs) directly within the wallet, with both smart contracts and liquidity processes automated. Users can mint tokens, upload data or participate in seed round investments on the BNB chain. Currently, more than 1PB of data sets are hosted on the BNB chain and there are more than 140,000 active wallets. DTOK can be listed on decentralized exchanges such as PancakeSwap after the seed round. All interactions are secured through Binance’s non-custodial system and fully recorded on the chain. This development provides platforms such as XBIT decentralized exchange with more asset diversity and user participation opportunities, while also highlighting the key role of wallets in data capitalization.
However, with the advancement of technology, security issues have always been the focus of users. OKNews recently reported that Upbit exchange discovered and fixed a serious vulnerability in its internal wallet system that could allow attackers to infer private keys by analyzing on-chain transactions due to the weak signature it generated. Previously, Upbit suffered a $30 million hacker attack involving Solana tokens on November 27. The platform has currently suspended deposits and withdrawals, transferred assets to cold storage, and promised to compensate all customers for their losses. South Korean authorities are investigating whether North Korea's Lazarus Group is involved, and Upbit is also conducting a broader security review. This incident once again reminds us that the management of private keys and mnemonic phrases is the core of digital asset security.
So, what is a private key? A private key is essentially a unique encrypted string generated by a complex algorithm. It is your only certificate for controlling and accessing assets on the chain. Corresponding to the private key is the mnemonic, which usually consists of 12 or 24 English words. These words are arranged in a specific order and the corresponding private key can be recovered. For example, 12 mnemonic words represent a highly secure source of entropy, generated through standardized algorithms (such as BIP39). The number of combinations is extremely large and almost impossible to be cracked by brute force. Therefore, backing up and keeping your mnemonic phrase safe is equivalent to backing up your entire wallet. Users should copy the mnemonic phrase onto a physical medium (such as paper or metal mnemonic phrase board) immediately after creating the wallet, and store it in a safe, offline, fire-proof and moisture-proof place. Never transmit it over the Internet or save it as a screenshot.
In terms of operational experience, hot wallets (such as software wallets connected to the Internet), although convenient, are also more vulnerable to cyber attacks. Therefore, for large amounts of assets, it is recommended to use hardware wallets or cold storage solutions. XBIT Wallet's decentralized web3 wallet fully considers these risks in its design, and tries its best to protect users' private keys from being leaked through layered deterministic (HD) structure, local encryption and isolation environment. At the same time, users should develop good habits such as regularly checking authorization, using hardware signatures, and avoiding clicking on suspicious links.
According to OKNews APP data, in addition to commercial applications, blockchain technology also shows transparent and efficient advantages in the public welfare field. Cobo announced on November 28 that it would donate stablecoins equivalent to 1 million Hong Kong dollars for fire relief and community reconstruction in Tai Po, Hong Kong. The company cooperated with the Hong Kong Red Cross and launched an exclusive "compliant blockchain charity wallet" to ensure that the entire process from donation to use is open, transparent, and traceable. The wallet is now open to the public. The public can transfer donations directly to the wallet, and all funds will be earmarked for related relief efforts. Cobo stated that it will continue to track the flow of donations and post-disaster reconstruction progress, and is willing to provide free blockchain donation channel technical support to charitable foundations in need. This innovative practice echoes the vision of XBIT Wallet decentralized wallet web3 economic pass, which is to promote a more open and trustworthy global value exchange through technology.
To sum up, as the cryptocurrency market becomes more volatile and blockchain applications become increasingly abundant, it is crucial to choose a secure, easy-to-use and comprehensive-featured wallet. XBIT Wallet strives to create a reliable digital asset partner for users by strengthening private key management, supporting multi-chain ecology, integrating DeFi and NFT functions, and drawing on industry best practices. Whether you are a trader paying attention to market dynamics, an ordinary user exploring cross-border transactions and inclusive finance, or an emerging participant participating in the AI data economy, understanding and applying good wallet security knowledge will help you move forward steadily in the Web3 world.
new dormitory
05
UIC, UIC
In May this year, the second phase of the UIC Campus College was successfully completed. The college is mainly composed of dormitories, two of which are expected to be put into use in October this year.
The dormitory adopts a "2+2" room model, which is divided into two bedrooms and a living room, and the two bedrooms share a balcony.
Each building has a 24-hour study room, and each floor is equipped with a laundry room, induction cooker, refrigerator, dining area, etc. There are many shared areas in the building, and there will also be abundant communication space in the living area.
06
Guangdong Neusoft University
At 10:30 a.m. on April 7, the topping out ceremony of the main structure of the No. 26 Logistics Management Building of the sixth phase expansion project of Guangdong Neusoft University was held.
It is understood that the No. 26 Logistics Management Building has a building height of 31.4m, a total construction area of 29,989 square meters, and a total height of 9 floors above ground + 1 floor underground. It is currently the largest student dormitory in the school.
The construction project of the No. 26 Logistics Management Building project started in August 2021. The foundation pit support was completed in October. The four-story main structure above the ground was completed before the Spring Festival. It is planned to take one year to complete and is expected to be put into use in September this year.
07
Shenzhen Vocational and Technical College
The student dormitory building G in Shenzhen Vocational and Technical College Liuxiandong Campus has a total of 1,000 dormitories, which can provide 4,000 student beds.
The dormitory configuration is super luxurious! Spacious beds, independent cabinets, hotel-level showers and washrooms, advanced door locks... you will definitely feel happy after moving in!
The most important thing is that in Building G, you can also achieve elevator freedom in minutes!
08
Guangdong Southern Vocational College
The South Campus of Guangdong Southern Vocational College covers an area of 454,678.9 square meters, with a total investment of over 2.1 billion yuan, can accommodate more than 16,000 students, and has a total construction area of more than 630,000 square meters. It has been included as a key construction project in the "14th Five-Year Plan" by the Jiangmen Municipal People's Government.
At present, the investment has exceeded 1 billion yuan, and the main projects of 5 teaching complex buildings, 7 student apartment buildings, indoor gymnasium, standard track and field stadium, canteen, Huawei Innovation Center, Huawei Industrial College, Medical College, Transportation College, training building, administrative building, auditorium, library, basketball court and other buildings have been completed. The total construction area is over 300,000 square meters, and it is expected to be officially put into use in September 2022.
The dormitory has a bed and a table, and the overall tone is simple. It’s not an exaggeration to say this is a hotel, right? The new dormitory of Southern Vocational College is located in the new campus (South Campus) and will be put into use in September this year. Students are looking forward to it~
New teaching building
095
Southern Medical University
The third teaching building is located in the center of SUSTech. It is a 5-story building with a total of 56 classrooms and a total classroom use area of 5,800 square meters.
The simple exterior of the teaching building has fresh colors inside. When you stop in the corridor, you feel like you are in a gallery, with a hint of liveliness in the silence.
The teaching building is mainly composed of smart classrooms, with ladder classrooms and mixed teaching classrooms on the first and second floors, teaching classrooms on the third floor, seminar classrooms on the fourth floor, teaching computer rooms on the fifth floor, and two ubiquitous spaces for teachers and students to relax and study.
10
Lingnan Normal University
The new teaching building of Lingnan Normal University, the Fifth Teaching Building, has been put into use. The overall style is elegant and elegant, with both beauty and connotation. It has advanced and avant-garde characteristics without losing its cultural charm.
The carefully designed chess board sits quietly in the arms of Jiaowu.
There are also new staircase conference rooms and lecture theaters that can be used for large-scale meetings, lectures, daily teaching, etc. They have multiple functions, wide views, and ample space.
In addition, regular classrooms and smart classrooms have also been updated with bright windows and clean windows, providing students with a clean learning environment so that students can study comfortably.
11
Guangdong Peizheng College
Shanheng Building, the first teaching building of Guangdong Peizheng College, is five stories high. It originally had brick red as the main color of its appearance. After the renovation, the appearance of the first teaching building was changed to gray bricks and white walls.
The brand-new first teaching building is not only connected to the fifth teaching building, with simple and exquisite gray and white walls, set off by green trees and flowers; it is also equipped with multimedia equipment, air conditioning, and water dispensers.
new library
12
Zhanjiang Institute of Science and Technology
The library of Xinhu Campus of Zhanjiang University of Science and Technology is known as "the most beautiful library of universities in western Guangdong" and was grandly opened at the end of last year.
The library has more than 2,000 reading seats and free WiFi throughout the library.
13
Guangdong University of Finance
After intense and orderly preparations, the Guangdong University of Finance Qingyuan Campus Library will finally meet you in 2022. Let’s go and see it together~
Leisure book bar, a bright and warm space, can hold a psychological exchange meeting, a reading salon, or a small academic discussion...
The staircase reading area, which spans the 3rd and 4th floors, has large soft and comfortable cushions and two-story floor-to-ceiling windows. You can overlook the distant lakes and mountains. It is a rare reading treasure place;
14
Guangzhou Institute of Technology and Business Huadu Campus
After renovation and upgrade, the library of Guangzhou Technology and Business University Huadu Campus has a completely new look! Let’s take a look together~
Looking up, the sun shines through the frosted skylight, and a shallow warmth passes through the whole body;
15
Guangdong Ocean University
The school's renovated library only needs to scan your face to enter the library, which is convenient and fast; the big data real-time display platform on the right side of the entrance allows you to see the number of books borrowed and returned, the number of people entering and exiting the library, and the borrowing rankings at a glance;
In the library, the lighting is warm, the booths are clean, the leisure seats are neatly arranged, the hexagonal sofa surrounding the center, and the surrounding leisure reading spaces bring a more comfortable reading experience to teachers and students;
The theme pavilion covers the most comprehensive pearl-related literature, as well as the Pearl Culture Corridor and Haida Pearl Exhibition Board. Here, you feel as if you are diving into the depths of the seabed, and the history and future of Haida Pearl's development are slowly unfolding in front of you.
New canteen
16
South China Agricultural University
The third floor of the Heyuan Dining Hall of South China Agricultural University has been transformed into the "Plum Blossom Gourmet Restaurant".
The restaurant has the theme of "Jiangnan Water Town". Various shops have their signs lit up on both sides of the food court on the third floor. A blue sky and white cloud ceiling light strip is set along the pavement, making people feel like they are under a clear sky.
17
South China University of Technology
South China University of Technology has a new one! The clean and elegant dining environment allows everyone to have the best dining experience!
18
Lingnan Normal University
The "new construction" of the dining hall of Lingnan Normal University not only divides the small space, but also configures an antique interior.
Chunhui Garden on the 3rd floor of Hongyuan has 23 windows with hundreds of delicacies, and can accommodate 900 people for dining at the same time. You no longer have to worry about not having a seat to dine!
There is also an ultra-clear large-screen TV in the center, giving you an immersive movie-watching experience. You can invite friends to cook, watch movies, and check in together!
Love it, love it!
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