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Digital Twins: A New Model for Urban Governance

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BEIJING, March 6, 2024 /PRNewswire/ – By China Report ASEAN

A vivid three-dimensional rendering of a bridge appeared on the intelligent monitor and evaluation platform at Beijing Yunlu Technology Co., Ltd., pointing to key factors of bridge health. Real-time status, events, transportation navigation, and traffic conditions were all tracked on the screen.

Numerous sensors installed on bridge track every minor dynamic change on the bridge surface and perform digital analysis, according to Gao Fengyong, a regional chief with the tech firm. When a large vehicle approaches, the system checks its weight and produces an early warning if the vehicle and its load is heavier than the bridge was designed to support. The vehicle is then immediately intercepted from crossing the bridge as an emergency response. The screen of the monitor platform shows a digital twin replica of the bridge.

A key method to realize bidirectional mapping and dynamic interaction between virtual and reality, the digital twin (DT) technology provides another effective approach for observing, understanding, controlling, and transforming the physical world. It was originally designed to improve local public services, but has since been more widely used to develop tailored applications for different scenarios involving urban planning and management, demonstrating enormous potential for solving problems in urban governance.

Lifecycle Management

A digital twin is a digital representation of a physical object, person, or system powered by utilizing physical models, sensor updates, operating history, and other data, which reflects the whole life cycle of the corresponding physical entities in the virtual space.

The earliest application of DT technology was in the 1970s when NASA engineers used simulations of a space vehicle to monitor and predict the performance of the real vehicle and assist ground command to make the best decisions to ensure safe flight and prolonged operational life of the vehicle. In 2003, Professor Michael Grieves at the University of Michigan first introduced the concept of DT by proposing an “Information Mirroring Model,” a vision in the context of product lifecycle management consisting of three components: real space, virtual space, and data flow connection between the two. Since then, DT technology has been developed and applied in aerospace, industrial manufacturing, and other fields.

“Simply put, a digital twin is a virtual replica of a physical entity,” said Yang Tao, an associate professor at the School of Architecture at Tsinghua University. “Supported by constantly-updated algorithms using real-time information from the virtual model synchronized with the corresponding physical system, more accurate predictions and decisions can be delivered for future operation and improvement of the physical entity.”

DT technology covers every link of the entire product life cycle from design to development, manufacturing, maintenance, and even recycling, enabling product information to remain consistent even when changes occur in any of the links. Not only can it help companies develop better products, it can also help users use the product in an optimal way.

In recent years, the rise of the meta-universe and emergence of the Internet of Things, cloud computing, and artificial intelligence (AI) have fueled the DT market, with the technology widely available in areas such as urban management, industrial manufacturing, water conservancy, and security and emergency response.

Statistics from the China Academy of Information and Communications Technology (CAICT) showed that the global digital twin market size was valued at US$7.7 billion in 2022, year-on-year growth of 57.1 percent, and is expected to reach US$30.5 billion by 2025. The figure in China was 10.4 billion yuan (US$1.45 billion) in 2022, year-on-year growth of 35 percent, and is poised to soar to 37.5 billion yuan (US$5.2 billion) by 2025.

More and more businesses, investors, and governmental agencies are considering how to leverage the emerging technology to address public service challenges and improve urban governance. Qiu Baoxing, IEAS (International Eurasian Academy of Sciences) Academician and former vice minister of China’s Ministry of Housing and Urban-Rural Development, remarked at the 12th World Geospatial Developers Conference (WGDC 2023) that the explosion of the meta-universe in 2022 propelled the transition of DT from local adoption to applications in urban scenarios.

Also at WGDC 2023, Li Deren, an academician with the Chinese Academy of Sciences and the Chinese Academy of Engineering and a professor at Wuhan University, said that compared to the product life cycle in industrial manufacturing, a digital city has an extended and more beneficial life cycle thanks to its deep learning capabilities, virtual-reality integration, and iterative evolution. The pinnacle of digital city development is smart cities based on digital twins, he asserted.

Virtual-Reality Mapping to Virtual-Reality Linkage

China first introduced the concept of a “digital twin city” in 2018 when a master plan for the development of Xiongan New Area was formulated that required synchronized planning and construction of both a digital and physical New Area with an aim for a world-class digital city with deep learning capabilities.

As project leader for Xiongan digital planning and construction based on City Information Modelling (CIM), Yang Tao considers the project an unprecedented challenge that requires trial and error. Unlike conventional model and experience-based plans, he explained, this project focuses on tackling urban issues such as urban planning, energy consumption management, waste treatment, and traffic congestion by recording and monitoring the whole process of construction of Xiongan New Area.

In transportation construction, for example, they established the world’s first large-scale regional-level digital road network to simulate real-world scenarios. The project can collect all kinds of data on the roads including pedestrians, vehicles, traffic lights, buildings, weather, and environment and detect traffic status under all kinds of weather conditions around the clock, thus providing diverse services for businesses, the government, and the public such as road operation and maintenance, emergency management, and autonomous driving tests.

Xiongan New Area’s CIM platform set the standard for subsequent digital twin city planning and construction in other parts of the country. In 2022, China rolled out a plan to facilitate development of the digital economy in the 14th Five-Year Plan period (2021-2025), calling for building digital twin cities with well-established city information modeling platforms and improved operation and management service platforms. To this end, the Ministry of Housing and Urban-Rural Development, the Ministry of Housing and Construction, the Ministry of Natural Resources, the Ministry of Water Resources, and other relevant authorities have scaled up policy support for digital twin technology development, talent, and application to promote the construction of digital twin cities.

CAICT counted 30 new enterprises involved in digital twin city construction in China every year before 2014 and between 50 and 60 from 2015 to 2018, but the number skyrocketed to over 100 from 2019 to 2021, suggesting a continuously growing market with huge potential.

DT technology is more than simply digitalizing and visualizing physical assets. The core goal is to convert data resources into data capital by linking the virtual and physical worlds while optimizing the parameters and sharing information with all parties involved in the interaction process, Yang Tao illustrated.

According to Gao Fengyong, the digital urban flood forecasting platform developed by Yunlu Technology achieved near real-time simulation of the urban flood process involving rainfall, ground water accumulation, and pipeline drainage, allowing it to provide decision-making support and flood prevention and response guidance for government authorities through simulated pre-flood analysis, real-time early warning, and post-flood summary and analysis. Last summer, the platform had already contributed to flood control in Beijing, Ningbo, Jinan, and other cities.

“Alongside visualization and simulation, a digital twin system is also intended to serve the physical entity through a digital replica to enhance the efficiency of physical production,” Gao said. By collecting real-world information on the Internet of Things for the virtual world before analysis and simulation, the system can predict risks and achieve real-time mobilization of resources, offering scientific support for decision-making in a timely manner.

However, excessive pursuit of digital technology and AI could lead to less focus on practical applications, resulting in insufficient integration of business rules and geometric models. “Application matters most, but 80 percent of digital twins are useless,” Qiu Baoxing revealed, noting that for DT technology, application scenarios including smart governance, urban construction management, general urban management, and emergency management are of paramount importance.

Yang Tao echoes that view. “A fancy model does not necessarily work well,” he said. Digital twin cities must be tailored to solve specific problems in different scenarios, he added, and optimization of urban governance cannot rely solely on technological improvements, but requires corresponding changes made in the objects and systems served or affected, so that social and technical systems will interact with each other and evolve together.

Collaborative Governance Model

CAICT’s Digital Twin City Research Report (2022) designated the period 2020-2030 as a stage of fast growth for China’s digital twin industry during which both the DT market and technology are developing in full swing.

However, cities represent a system far more complex than a space vehicle, an industrial product, or a building. They involve social, economic, environmental, and cultural factors as well as many other aspects. Humans are the main component of a city, and their different goals and behaviors can lead to various uncertainties in the process of urban governance. Application scenarios for digital twins are complex, involving multiple factors and requiring multi-sectoral collaboration. Currently, one major challenge faced by all fields is a lack of collaboration among the government, high-tech firms, and relevant entities.

In 2015, Singapore launched the “Virtual Singapore” project to build a 1:1 scale model of 3D Singapore. Alongside improving relevant policies and regulations, the city-state placed an emphasis on enhancing public participation in digital governance, encouraging citizens to transform from consumers of smart city services to creators and contributors. The government rolled out incentives for the market to provide cutting-edge technology, effective productivity, and adequate financial support to inspire all parties to collaborate while enabling their full potential. By embedding technology in policies, products, and services, Singapore’s model of collaborative digital governance reshaped the value chains for the government, businesses, and the public and improved urban governance.

In contrast, DT technology is still in its early stages of development in most other ASEAN countries. According to Shi Le from the International Logistics Division of JD Logistics, ASEAN countries vary in the development of DT technology despite the rising trend of global digitalization as well as strong domestic demand for digital management in each country. Seeking to tackle the issue, the ASEAN Plus Three (APT) Cooperation Work Plan 2023-2027 pledged to “enhance cooperation on smart and sustainable cities development in the region through ASEAN Smart Cities Network (ASCN) and ASEAN Sustainable Urbanisation Strategy (ASUS).”

DT technology represents a new model of development driving profound changes in industries. Yang Tao suggested ASEAN countries enhance collaboration, strengthen top-level design, promote institutional innovation, and gradually integrate digital twins into national overall development by starting from transportation infrastructure, green energy, and integration of industrial and supply chains.

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SOURCE China Report ASEAN

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XTransfer and OCBC Jointly Announce Comprehensive Partnership

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“Global Multi-Currency Accounts” Empowers SMEs with New Market Opportunities

SHANGHAI, Dec. 23, 2024 /PRNewswire/ — XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, and OCBC, the second largest financial services group in Southeast Asia, jointly announced the comprehensive partnership. OCBC China will leverage the OCBC Group’s extensive regional network and resources in its key markets of Singapore, Hong Kong SAR, Malaysia and Indonesia to collaborate with XTransfer to provide small and medium-sized enterprises (SMEs) engaging in international trade with one-stop innovative cross-border financial solutions, including payment, FX, risk control and wealth management. The Memorandum of Understanding was signed on 18 December 2024 by Bill Deng, Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.

Bill Deng, Founder and CEO of XTransfer, stated, “This collaboration marks a significant milestone for XTransfer, greatly enhancing our global payment capabilities. By leveraging OCBC’s extensive global payment network, XTransfer saves a substantial amount of market costs and accelerates our business expansion in Southeast Asia, saving on local expansion efforts. XTransfer looks forward to expanding its business with OCBC in the future in a variety of areas, including wealth management and lending, and is looking forward to working with them to capture the vast opportunities in Greater China and ASEAN.”

Ang Eng Siong, CEO of OCBC China, said, “OCBC uses Singapore and Hong Kong as our twin-hubs, radiating out to Greater China and ASEAN regions. XTransfer’s business development plans in these areas align closely with our network layout. As XTransfer’s global account manager, OCBC China will support XTransfer and its clients in facilitating cross-border settlements through close collaboration with various business subsidiaries of the group. This will help meet the growing demand for cross-border development and business growth, helping them achieve their aspirations in Greater China and ASEAN.”

XTransfer and OCBC collaborate in several areas of cross-border business. In particular, XTransfer leverages the strong banking networks and service capabilities of OCBC to offer its customers the “Global Multi-Currency Account” provided by OCBC Hong Kong, allowing clients to make payments and collect funds globally. The Global Multi-Currency Account supports not only major currencies, such as the Renminbi, US Dollar, British Pound, Euro, etc., but also currencies from ASEAN and various countries and regions. This will benefit SMEs in foreign trade settlement in the corresponding countries and enhance global cross-border trade efficiency. The partnership will provide XTransfer’s over 550,000 clients and their buyers with more payment and collection options. Additionally, clients can make payments and collect funds through CHATS or FPS, the local clearing network in Hong Kong, offering convenience similar to local bank transfers.

In recent years, trade exchanges between China and ASEAN have become increasingly close. According to data from XTransfer, from January to September 2024, the amount received by small and medium-sized foreign trade enterprises on the XTransfer platform from ASEAN grew by 80% compared to the previous year. The partnership between XTransfer and OCBC will address this growth in international trade by SMEs, and help them capture opportunities in trade and capital flow between China and ASEAN.

XTransfer continues to build its global payment infrastructure for foreign trade through partnerships with renowned international banks and financial institutions. This partnership with OCBC brings XTransfer a new upgrade in its global payment infrastructure, offering substantial benefits to global cross-border traders. By utilising the Global Multi-Currency Account provided by OCBC Hong Kong, buyers can easily make payments in various currencies to overseas suppliers and collect funds from worldwide customers. This partnership is expected to enhance cross-border trade by significantly broadening the payment methods and scope for SMEs.

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SOURCE XTransfer

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TECHTRONIC INDUSTRIES JOINS THE UN GLOBAL COMPACT

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DEMONSTRATES TTI’S COMMITMENT TO SUSTAINABLE PRODUCTS AND PRACTICES

FORT LAUDERDALE, Fla., Dec. 23, 2024 /PRNewswire/ — Global cordless power tool, outdoor power equipment and floorcare company Techtronic Industries Co. Ltd. (“TTI” or the “Company”) (stock code: HK:0669, ADR symbol: TTNDY) today announced that it has joined the United Nations Global Compact, reaffirming its dedication to sustainability and social responsibility. With over 25,000 signatories in over 160 countries, the UN Global Compact is the world’s largest voluntary corporate sustainability reporting initiative. By joining, TTI is committing to communicating its progress to stakeholders annually through our ESG Report and UN Global Compact’s website. 

TTI’s CEO Steve Richman remarked: “As the industry pioneer in lithium-ion battery-powered, energy efficient power tools and outdoor power equipment, TTI’s commitment to sustainable products and business practices has long been a fundamental part of the way we do business. We began publishing ESG reports in 2015 and we aligned our goals and targets with the UN Sustainable Development Goals in 2018. Every year we make progress in areas including safety solutions, noise reduction, supply chain traceability, decarbonization, and governance. While we have demonstrated our commitment, by joining the UN Global Compact, we have officially aligned our sustainability strategy with the Ten Principles in the areas of human rights, labor, environment, and anti-corruption.”

As part of TTI’s ongoing sustainability efforts, our objective is to implement initiatives that deepen our support of the UN’s Sustainable Development Goals (SDGs) while fostering an inclusive and equitable workplace culture. We are dedicated to advancing our sustainability journey, setting measurable goals, and continuously monitoring our progress.

Learn more about TTI’s efforts by reading our latest ESG publications here. Our 2024 ESG report will be published in March 2025.

About TTI

Techtronic Industries Company Limited (“TTI” or the “Company”), founded in 1985 by German entrepreneur Horst Julius Pudwill, is a world leader in cordless technology. As a pioneer in Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products, TTI serves professional, industrial, Do It Yourself (DIY), and consumer markets worldwide. With more than 50,000 employees globally, the company’s relentless focus on innovation and strategic growth has established its leading position in the industries it serves.

MILWAUKEE is at the forefront of TTI’s professional tool portfolio. With global research and development headquartered in Brookfield, Wisconsin, the historic MILWAUKEE brand is renowned for driving innovation, safety, and jobsite productivity worldwide. The RYOBI brand, headquartered in Greenville, South Carolina, remains the top choice for DIYers and continues to set the standard in DIY tool innovation. TTI’s diverse brand portfolio also includes trusted brands like AEG, EMPIRE, HOMELITE, and leading floorcare names HOOVER, ORECK, VAX, and DIRT DEVIL (based in Charlotte, North Carolina).

TTI’s international recognition and renowned brand portfolio are supported by a strong ownership structure that underscores the company’s global reach and stability. The Pudwill family remains the company’s largest shareholder, with the remaining ownership held largely by institutional investors at North American and European-owned firms. TTI is publicly traded on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index, operating globally with a strong commitment to environmental, social, and corporate governance standards. For more information, visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Company. AEG is a registered trademark of AB Electrolux (publ.) and is used under license. RYOBI is a registered trademark of Ryobi Limited and is used under license.

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SOURCE Techtronic Industries Co. Ltd.

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New 2025 ezPaycheck Paycheck Payroll Software Is Now Available from Halfpricesoft.com

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REDMOND, Wash., Dec. 23, 2024 /PRNewswire/ — Halfpricesoft.com has just announced the release of 2025 ezPaycheck payroll software for support for small businesses, freelancers, and sole proprietors as well as many other clients. The new ezPaycheck includes 940, 941, W2 and W3 forms and 2025 tax tables.

 

Clients can still acquire the 2024-2025 bundle version at a cost reduction for a limited time. For those utilizing the 2024 ezPaycheck please note:

Do NOT install this new version before you complete 2024 paychecks. ezPaycheck 2025 installation will update the tax tables. With ezPaycheck 2025, you can still access your 2024 paychecks, view reports and print 2024 W2 forms.

Dr. Ge stated, “The software, ezPaycheck 2024 and 2025 is still available for purchase to those clients that need to process year-end tax forms.”

Priced at just $169 per installation for a single installation of 2025 ezPaycheck software. The bundle 2024-2025 version is $199 for a limited time. ezPaycheck payroll software is affordable for any business. With paycheck software, business owners can easily calculate taxes, deductions, and other payroll-related tasks. Potential clients are welcome to download ezPaycheck free demo version with no obligation and no risk at halfpricesoft.com

Despite its cost and ease of use, Accountants, CPA and Tax Professionals should not assume ezPaycheck 2024 runs short on features. ezPaycheck 2025 is packed with all the features a business needs to run payroll quickly and easily, including:

Supports daily, weekly, biweekly, semimonthly and monthly payroll periods. Features report functions, print functions, and pay stub functions.Automatically calculates Federal Withholding Tax, Social Security, Medicare Tax and Employer Unemployment Taxes.Includes built-in tax tables for all 50 states and the District of ColumbiaEasily calculates differential payPrints miscellaneous checks as well as payroll calculation checksPrints payroll checks on blank computer checks or preprinted checksCreates and maintains payroll for multiple companies, and does it simultaneouslyPrints Tax Forms NEW 943 Form, 940, 941, W2, and W3 (Copy A preprinted form required)Supports multiple accounts at no additional chargeSupports network access to share data from different computers and locations (additional cost)30 day no cost trial. No registration required and absolutely no obligation

ezPaycheck is compatible with Windows 11, 10, 8, 7, and other Windows systems. We also sell a MAC version separately.

ezPaycheck payroll software is affordable for any size business. Customers seeking a way to simplify payroll processing with more accuracy to start the no-obligation 30-day test at https://www.halfpricesoft.com/index.asp

About halfpricesoft.com

Halfpricesoft.com is a leading provider of small business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, accounting software, 1095 form software, and ezACH direct deposit software. Software from halfpricesoft.com is trusted by thousands of customers and will help US Business owners simplify payroll processing and streamline business management.

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SOURCE Halfpricesoft.com

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