5.9k Share this

The Huangpu River splits the Chinese city of Shanghai between the older settlement on the west and the newer, financial center on the east.

Johannes Eisele | Afp | Getty Images

China’s latest wave of Covid restrictions has forced millions of people — roughly three times as many as live in New York City — to stay home and undergo mass virus testing in the metropolis of Shanghai.

As Covid cases began to spike in late February, Shanghai tried to control the outbreak with targeted, neighborhood lockdowns. But the city, a center for global transport, manufacturing, finance and trade, decided in late March to implement a two-stage lockdown that soon applied to all districts, generally forcing people not to leave their apartments.

Most people outside China know that Shanghai is big, but few realize just how big economically. The following numbers indicate the scale of Shanghai as an economic center — and may hint at the cost of the lockdown.

Size

GDP

Global trade center

Shanghai sits at the mouth of the Yangtze River, one of the two main rivers in China.

According to Bernstein:

  • Shanghai is home to the world’s busiest port, followed by Singapore.
  • Shanghai’s Pudong airport is the world’s third-busiest cargo airport, behind Memphis, Tennessee, and Hong Kong.

In all, Shanghai accounted for 7.3% of China’s exports and 14.4% of imports in 2021, according to Citi.

Manufacturing and corporate center

According to Citi, Shanghai is China’s:

  • Most important semiconductor manufacturing center, home to SMIC, Hua Hong and Universal Scientific Industrial.
  • Home to many auto producers: SAIC Motor, SAIC’s joint companies with Volkswagen and GM, Nio, Tesla and Ford.
  • Headquarters or a major center for multinational corporations’ China operations: Apple, L’Oreal, Samsung Electronics, P&G, L’Oreal, LVMH, Nike, Panasonic, Philips, Johnson & Johnson and General Electric, among others.
  • Base for ship producers: Jiangnan , Zhonghua and Waigaoqiao shipbuilding.

Finance

Consumer hub

In Shanghai, official figures for 2021 show:

  • Average disposable income of 78,027 yuan ($12,288) — more than double the nationwide average of 35,128 yuan ($5,531).
  • Average consumer spending of 48,879 yuan — also double the national average of 24,100 yuan.

U.S. wholesale chain Costco chose Shanghai for its first mainland China store in 2019.

And as of last year, Shanghai was home to the most coffee shops in the country, with nearly 3 shops per 10,000 people, versus a ratio of about 2 for Guangzhou, Shenzhen and Beijing, according to Meituan.

Read more about China from CNBC Pro

Shanghai is home to three of the top 20 universities in China, according to U.S. News and World Report.

The number of foreigners living in Shanghai fell to 163,954 people in 2020, down by 21% versus a decade earlier, according to official censuses. The southern province of Guangdong is now home to the most foreigners in China, at more than 400,000.

The overall number of foreigners in the country rose during those 10 years by about 40% to 1.4 million people — or about 0.1% of China’s population.

Source: DailyMail

5.9k Share this
You May Also Like

Pictured: Woman dog walker, 41, who died after being hit by car while walking in Chelsea

Pictured: Woman dog walker, 41, who was run over and killed along…

Bidenflation Sends Consumer Sentiment Crashing to Lowest Level in Over a Decade

American households are feeling extremely rotten about economic conditions and their prospects,…

Beatles superfan who made bedroom recordings of band’s hits thanked on their album 32 years later

On the last page of the booklet that came with the 1994…

Israel admits its sniper may have killed TV journalist after video blaming ‘terrorist’ was debunked 

Israel has admitted that it may have been one of its soldiers…

Inflation Is ‘Absolutely’ the Most Important Issue for Most People, Not Roe v. Wade

On Friday’s broadcast of MSNBC’s “Morning Joe,” Sen. Jon Tester (D-MT) stated…

Texas Man Charged in Deaths of Teens with Fentanyl in Systems

Two Texas high school seniors who were discovered dead this month had…

Utah Garbage Man Folds American Flag He Pulled from Trash

Video captured the moment a Utah sanitation worker, who is a Marine…

Durham Police retrospectively fined woman for breaching Covid rules within WEEKS of ‘Beergate’

Durham Police retrospectively fined a woman £10,000 for breaching Covid rules when…