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Blucora

Boats carrying tourists sail on the Lijiang River in Guilin, Guangxi Zhuang autonomous region. [Photo/Xinhua]

Both forces shaped the growth patterns of the past decades. In 1988, a lower-middle-class US citizen had more than six times the income of a well-off middle-class citizen in China. Today, both earn almost the same amount. Similar leaps happened in other economies, from Turkey to Viet Nam. Yet, over the same period, half of the world's wealth went to the top 5% of the population, and almost one-fifth went to the highest 1%.

Border control on "foreign garbage" will be intensified, and severe punishment will be imposed on the reselling and illegal processing of imported waste.

Both of the two largest deals made by foreign investors last year took place in Shanghai. These were CapitaLand's and Singapore sovereign wealth fund GIC's purchase of Shanghai's tallest two towers at Harbor 55, and Blackstone's purchase of Mapletree Business City.