Music China, jointly organized by CMIA, Shanghai INTEX, and Messe Frankfurt, returns to Shanghai, China, October 26th -29th, 2022. As its 20th edition, Music China this year will feast your eyes with not only front-edge products but also various events to celebrate the anniversary.

Having been held for 20 years, Music China has contributed to building an international platform for exhibition and exchange of musical instruments in the global market, helping open a widow for Chinese products to go abroad and also for international brands to enter the Chinese market. In 2020, despite the COVID-19 pandemic Music China was successfully held, hosting 1,106 exhibitors from 15 countries and regions, and drawing a total of 81,761 visitors onsite and 1.62 million viewers online. In 2021, although the exhibition was called to a halt due to domestic pandemic plans, an online program was held to meet the needs for business match-making, new product launch, and branding, drawing a total of 239,000 visits online.

Embracing its 20th anniversary this year, Music China will continue to upgrade itself in both depth and breadth – with a parallel development of the digital and physical exhibition, as well as an extension of the exhibit categories and the exhibition space to 115,000 m2. As a complementary service, the online exhibition and business match-making meetings will be held to meet the needs for international trade during the epidemics, generating a tremendous buying power in the collapsed distance.

To promote music business, education, and culture, Music China will also throw a series of concurrent events covering all aspects of music, such as the Industry Forum, the New Product Global Launch, the National Music Education Conference, and the Future Music Festival. Those events will not only allow exhibitors to explore more channels for branding and marketing their products but also deliver valuable content related to music to audiences from all walks of life.

Although the pandemic has been keeping people away from each other, Music China will try to bring the global practitioners together through Internet, and continue its efforts in generating business opportunities for brands and traders on this functional platform, and contributing to the prosperity of the global music industry. We look forward to seeing you on Oct. 26th -29th in Shanghai New International Expo Centre, sharing with you the fruit of the past 20 years, and making a brand-new start for the prosperous future.

ESR Cayman Limited ("ESR" or the "Company", together with its subsidiaries as the "Group"; SEHK Stock Code: 1821), APAC's largest real asset manager powered by the New Economy, today announced that the Group has completed the acquisition of a prime logistics and industrial portfolio in Greater Shanghai, China, in partnership with a leading global institutional investor.

The portfolio, which consists of 11 completed logistics and industrial assets with a total GFA of over 550,000 sqm, represents the largest logistics and industrial portfolio ever sold in Greater Shanghai. The portfolio is concentrated in the Yangtze River Delta region, spanning major cities including Shanghai, Kunshan, Suzhou, Taicang and Hangzhou, with high exposure to dense population centres and excellent access to transportation systems.

Jeffrey Shen, Co-founder and Co-CEO of ESR, said: "A high-quality existing portfolio of this size, strategic location and value-add potential is a rare opportunity in the closely held greater Shanghai market. We are very pleased to collaborate with one of our long-time capital partners to secure this portfolio. This acquisition further cements ESR's strong position in China as we continue to expand our network of strategically located best-in-class New Economy assets across the country. This also demonstrates our ability to capture compelling investment opportunities for our capital partners who are eager to increase their exposure to New Economy real estate where they remain significantly underweight. The portfolio has several projects with strong value-add potential, which will be optimised by ESR as our highly experienced team leverages its deep local knowledge and our robust ecosystem of customer relationships."

With US$13.4 billion of New Economy AUM[1] and a 2.5 million sqm of pipeline[2], ESR Group has established a leading position in the Chinese logistics real estate market in which Greater Shanghai has been a core strategic market for the Group. The Yangtze River Delta region – one of the strategic megalopolises and home to a cluster of e-commerce and modern logistics companies – has been an important economic powerhouse for the nation benefiting from coordinated policies introduced by the government to facilitate talent mobility and business development, among others. The regional GDP of the Yangtze River Delta region accounted for 24.5% of China's total in the first three quarters of 2021, up from 24.1% in the full year 2018[3]. Nested in the heart of the region, demand for logistics space in Shanghai remained consistently strong in 2021, with rent rising by 2.2% year-on-year while the vacancy rate edged down by 2.4 percentage points year-on-year[4].

With its recent acquisition of ARA Asset Management, ESR has emerged as APAC's largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally with a gross AUM of US$140 billion[5]. As the Group further grows its New Economy real estate platform, which tops the APAC region with an AUM of US$59 billion[6], it will continue to identify prime assets to add to its portfolios, with an aim to further enhance its New Economy offerings with a full suite of real estate development products and investment solutions.

ESR is APAC's largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally. With US$140 billion in gross assets under management (AUM), our fully integrated development and investment management platform extends across key APAC markets, including China, Japan, South Korea, Australia, Singapore, India, New Zealand and Southeast Asia, representing over 95% of GDP in APAC, and also includes an expanding presence in Europe and the U.S. We provide a diverse range of real asset investment solutions and New Economy real estate development opportunities across our private funds business, which allow capital partners and customers to capitalise on the most significant secular trends in APAC. With 14 listed REITs managed by the Group and its associates, ESR is the largest sponsor and manager of REITs in APAC with a total AUM of US$45 billion. Our purpose – Space and Investment Solutions for a Sustainable Future – drives us to manage sustainably and impactfully and we consider the environment and the communities in which we operate as key stakeholders of our business. Listed on the Main Board of The Stock Exchange of Hong Kong, ESR is a constituent of the FTSE Global Equity Index Series (Large Cap), Hang Seng Composite Index and MSCI Hong Kong Index.

Many analysts have expressed alarm about the impact of China's growing dominance in global trade. Yes, despite the combined effects of the coronavirus pandemic and the trade wars involving the US and China, multiple indicators suggest that China will continue to grow impressively through the next year. In fact, China is likely to become one of the foremost contributors to global trade growth in 2022 and beyond.

Undoubtedly, China's economy is currently on a positive trajectory. All the crucial indicators look good for China's 2022 prospects. Considering factors like the Purchasing Managers' Indexes (or PMI), banking lending, and electricity consumption, all seems to be well and booming for China. In contrast to what many thought, China's consumer demand actually experienced a significant increase in 2020 and 2021. The domestic and foreign market demands grew strong. No wonder the Chinese government has continued to invest heavily in efforts to turn China into a veritable tech superpower; for the most part, these efforts have paid off handsomely.

What makes China's economy so competitive in the 21st century? China's rapid economic growth since 1949 has done much to boost the livelihoods of millions of citizens. But think of these statistics: According to a study carried out by the Peking University research scholars in 2016, some shocking facts call for urgent attention. The study revealed that 1% of China's richest households actually hold 1/3 of the nation's total wealth. On the other hand, the poorest 25% of Chinese families have a mere 1% of the nation's wealth.

As noted, one major point of anxiety is China's economic growth trajectory. The economy slowed down a little in the past few decades, and this had some policymakers worried. In 2020 the Chinese economy surprised all and sundry by growing by 2.3% in spite of the raging Covid-19 pandemic. However, pundits observed that this was the slowest economic growth pace since the death of the legendary Mao Tse Tung in 1976. But China had actually achieved a distinction- she became the only major world economy to grow significantly at a time the Covid- 19 pandemic was gripping the entire globe. Some experts are also worried about China's large accumulation of debt. They are anxious about a looming debt crisis. At the same time, the continued volatility of China's stock market raised questions about the country's ability to implement proper economic reforms. Unperturbed, the Chinese ruling authorities have acted to seize control of both state-owned and private companies.

China's political elite has endeavored to embed its wings across every layer of Chinese society and economy to ensure everything is in control. Nevertheless, China's key governance structures are mostly decentralized. Many Chinese provinces actually enjoy an impressive level of autonomy. China's sub-provincial officials and other leaders appointed by the central authority have virtual control over the way local governance is managed. However, as we advance to the decades beyond 2021, China must endeavor to address other pertinent issues. As noted, the government must address the massive economic disparity that has bedeviled the country for more than five decades.

But there are a few complexities lurking behind the headlines. In the first place, China has experienced heavy inflation in basic food prices over most of 2021. This was primarily driven by the dynamics of the raging Sino- US trade wars. Notably, analysts observed that the typical Chinese household budget is currently characterized by significant spending on food. Overall, the Covid-19 pandemic did not affect China's economy anywhere near what analysts had earlier predicted.

To illustrate, the transition to remote working (for most office workers) went on much more smoothly than most people expected. It even occurred without a net loss to the national economy. Elsewhere, of course, the story was the same. For example, in the US, remote workers actually contributed a whopping $1.2 trillion to the national economy in a single year- 2020. This was an impressive 22% increase from the 2019 figures. In China, this was even more pronounced.

The prospects for increased foreign trade beyond 2021 seem to be encouraging. In the next year, the world is likely to see the nation's share of global trade growing rapidly over the course of the years. Looking back at the pre-pandemic trend, China significantly increased its volume of high-value finished goods. As a result, there's a high demand for Chinese goods- both domestically and abroad.

Liang Ming, who works for the Chinese Academy of International Trade, recently made an interesting prediction. The scholar predicted that China's total foreign trade would reach somewhere near 5 and a half trillion dollars in December 2021. Interestingly, a short while after the scholar made his prediction, analysts observed that China's market conditions have become much more positive for most regular exporters.

China boasts a fairly sound political system. The country's renowned socialist political mechanism has, over time, proved itself to be practical, feasible, and efficient. The Chinese system seems to have the necessary vitality primarily because it's a homegrown socialist structure. As China's President Xi Jinping recently pointed out, "The key to developing our unique socialist democracy continues to expand rather than weaken our characteristics and advantages." How does China's political system compare with other systems? How does it compare with American democracy?

Pundits note that when people enjoy adequate provision of national public welfare goods, this promotes the nurturing of strong public order. Such services and products are essential to protect and promote the well-being of citizens. They note that all citizens- though not always visible and tangible- are needed to develop the country at all times. Hence, if a political system finds itself unable to establish a proper national order- or has challenges maintaining it for extended periods- it then finds it impossible to continue holding power or making meaningful progress in national governance.

Pundits also observe that for most emerging nations like China, if political disturbances cause constant regime changes, there won't be any meaningful economic or social stability; these would simply not exist. Hence, it's easy to understand why most countries that have experienced a "color revolution" inevitably sunk into chaos. These may be characterized by a shortage of essential items, frequent violent conflicts, and soaring prices of basic commodities. Inevitably, this also leads to a precarious state of life and national instability.

Many experts of political science generally observe that two main conditions are necessary for any system to function. First, they note that the system must be homegrown; it must originate from the home environment rather than being a replica of something borrowed from other places. Secondly, the system should have the capacity to respond to changes occurring in the external environment. Moreover, such a response must be timely and must facilitate necessary sensible reforms.

The ruling Communist Party of China (which was founded in 1949) greatly cherishes the continued stability of political order. Many observers note that China went through disturbing long-term political wars leading to frequent wars. Many of those who witnessed such events were left with unforgettable memories of tragic events. In retrospect, China's ultra-large population, running to 1.4 billion, would potentially make it hugely challenging for any system to initiate sufficient control. China's Communist Party is certainly committed to ensuring that the supply of public welfare products is achieved to the proper degree for the people's benefit. The ruling party constantly strives to maintain national order. Thus, the Communist Party of China has continued to increase investment in the national defense system with a view to building a strong army that can effectively handle any aggression.

By way of contrast, the situation in many other countries has demonstrated that political stability can be elusive. For example, in Western Europe, the emergence of right-wing populists after the arrival of refugees in countries like France and the Netherlands has had a significant impact on these countries' political elections. Other nations have been disturbed by large-scale riots, terror threats from various groups, and insurgent movements. Many other countries are beset by disturbing military coups and unusual political interferences.

In response to such possibilities, China's ruling elite was prompted by recent events to abandon its cherished "one country, two systems" philosophy respecting entities like Hong Kong. The massive protests witnessed in Hong Kong in 2019 sharply drove home these clear realities. The philosophy and governance formula developed for Hong Kong was abandoned in all but name. It seems evident that China has virtually given up the idea of luring Taiwan towards reunification.

China's President, Xi Jinping, has consistently championed a vision that would transform the country into "a rich, fully developed, powerful nation that boasts an enduring international influence." The President is committed to ensuring China achieves this noble milestone by 2049. Further, China's ruling Communist Party has worked tirelessly to achieve these goals by ensuring the military is modernized. The CPP has pursued an aggressive extensive land reclamation policy touching on disputed lands located in the South China Sea. The party has continued investing billions of dollars in several countries worldwide and assuming an active role in many international institutions.

The CPP has primarily done this through the massive Belt and Road Initiative. One expert in China's international policy and affairs recently noted: "President Xi has made it crystal clear that his core ambitions will not stop with matters of the Asia-Pacific region; instead, he seeks to re-make the issue of global order. He seeks to reinvent the rules of the road in a manner that suits China more. We hope this policy also puts international brotherhood into consideration."