Byoung Ki Seo

The distinct importance of oil markets for economic activity is underscored by their role as a primary input for production. Therefore, changes in oil prices – and subsequently, input costs – have important effects on inflation, as exemplified by the recent inflation hike. Historically, oil markets have featured bouts of volatility, frequently associated with geopolitical events, technological advancements, natural disasters, shifts in global demand, among other factors.

As industrialization and globalization advance, rural residents migrate to cities in search of job opportunities and career development (Zhang and Song, 2003). This migration drives the development of urbanization, making cities the core carriers of economic, social, and cultural development. According to the “2022 World Urbanization Report”,2 the global urban population is projected to reach 68 % by 2050. In 2023, China's population urbanization rate reached 66.16 %.