In terms of reference, it is correct to affirm that
"its" (line 8) refers to "world's" (line 7).
"That" (line 14) refers to "year" (line 14).
"this" (line 30) refers to "new mood" (line 30).
"others" (line 37) refers to "business people" (lines 30-31).
"those" (line 46) refers to "fields" (line 45).