This is the 10th annual edition of the R3 China Media Inflation Trend report covering 2020 actual inflation and 2021 inflation forecasts. In compiling this report, R3 referred to the public rate card of 700+ media and buying policies of 20+ media agency holding groups and local media agencies. This report is an overall media inflation forecast. We do not rely on any one single data source, and R3’s inflation forecast is believed to have one of the most objective and independent views.