China’s newest wave of Covid restrictions has compelled hundreds of thousands of individuals — roughly 3 times as many as dwell in New York Metropolis — to remain house and bear mass virus testing in the metropolis of Shanghai.
As Covid instances started to spike in late February, Shanghai tried to manage the outbreak with focused, neighborhood lockdowns. However the metropolis, a middle for international transport, manufacturing, finance and commerce, determined in late March to implement a two-stage lockdown that quickly utilized to all districts, usually forcing folks to not go away their residences.
Most individuals outdoors China know that Shanghai is huge, however few understand simply how huge economically. The next numbers point out the scale of Shanghai as an financial heart — and will trace at the value of the lockdown.
Dimension
GDP
World commerce heart
Shanghai sits at the mouth of the Yangtze River, one among the two major rivers in China.
In keeping with Bernstein:
- Shanghai is house to the world’s busiest port, adopted 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, based on Citi.
Manufacturing and company heart
In keeping with Citi, Shanghai is China’s:
- Most vital semiconductor manufacturing heart, house to SMIC, Hua Hong and Common Scientific Industrial.
- Dwelling to many vehicle producers: SAIC Motor, SAIC’s joint firms 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.
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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.
