When Covid cases began to skyrocket in late February, Shanghai tried to control the outbreak by locking down the epidemic area and surrounding areas. However, Shanghai wants to be more aggressive. The city, which is considered a global hub of transportation, manufacturing, finance and trade, has decided to impose a two-stage lockdown on all counties. In short, no one is allowed to leave the house.
Most people looking at China from the outside know that Shanghai is big, but how big the city really is economically is hard to see. The following numbers will show the size of Shanghai as an economic hub. From there, you will partly understand the price to pay when China chooses to blockade such an important city.
Scale
Shanghai’s official permanent population in 2020 is 24.9 million. That’s slightly smaller than Australia’s population of 25.7 million people, 1.8 percent of China’s 1.41 billion population, according to the World Bank.
Compared to the US states, Shanghai is the size of Florida (21.8 million people) and Texas (29.5 million people).
Compared to American cities, Shanghai has three times the population of the largest US city, New York (8.3 million people).
That means the 280,120 Covid cases that Shanghai has reported as of May 14 in the latest outbreak represent 1.1% of the city’s population.
GDP
Shanghai’s GDP grew 8.1 percent in 2021 to 4.32 trillion yuan ($680.31 billion). This is slightly higher than Sweden ($660.92 billion) and lower than Poland ($720.35 billion), according to the IMF. According to official figures, Shanghai’s GDP accounts for 3.8% of China’s national GDP of 114.37 trillion yuan in 2021.
Global Trade Center
Shanghai is located at the mouth of the Yangtze River, one of the two important rivers in China.
According to Bernstein, Shanghai is home to the busiest port in the world, followed by Singapore. Shanghai’s Pudong Airport is the third busiest cargo airport in the world, after Memphis, Tennessee and Hong Kong.
Overall, Shanghai accounted for 7.3% of China’s exports and 14.4% of its imports in 2021, according to Citi.
Center production and is also the headquarters of large corporations
According to Citi, Shanghai is China’s most important semiconductor manufacturing hub, home to SMIC, Hua Hong and Universal Scientific Industrial. It is home to many automakers such as SAIC Motor, SAIC’s joint ventures with Volkswagen and GM, Nio, Tesla and Ford.
Shanghai is also the headquarters or main hub for the activities of multinational corporations in China such as Apple, L’Oreal, Samsung Electronics, P&G, L’Oreal, LVMH, Nike, Panasonic, Philips, Johnson & Johnson and General Electric, among others. This densely populated city is a base for ship manufacturers including Jiangnan, Zhonghua and Waigaoqiao.
Finance
The Shanghai Stock Exchange is the world’s third largest exchange by market capitalization, after the New York Stock Exchange and Nasdaq as of the end of 2020, according to data from the Federation of World Exchanges. world quoted by the exchange.
In 2020, American mutual fund giant Vanguard announced plans to move its Asia headquarters from Hong Kong to Shanghai.
Financial services company Fidelity is headquartered in Shanghai. Billionaire Ray Dalio’s Bridgewater financial company also operates here.
Consumer Center
In Shanghai, official figures for 2021 show: Average disposable income is around 78,000 yuan (about $12,200) – more than double the national average of around 35,000 yuan ( around $5,500). Average consumer spending is approximately 48,800 yuan – also double the national average of 24,100 yuan.
American wholesale chain Costco chose Shanghai for its first store in mainland China in 2019.
As of last year, Shanghai had the most coffee shops in the country, with a ratio of about three per 10,000 people, while the ratio in Guangzhou, Shenzhen and Beijing was two per 10,000 people, according to Meituan. .
Shanghai is home to 3 of the top 20 universities in China, according to US News and World Report.
The number of foreigners living in Shanghai drops to more than 163,900 in 2020, down 21% from a decade earlier, according to official censuses. Guangdong province, southern China is currently home to the most foreigners in China with more than 400,000 people.
In 10 years, the total number of foreigners living in Shanghai increased by about 40% to 1.4 million – or about 0.1% of China’s population.
The inflation crisis has “visited” the world’s second most populous country: A lemon has become a luxury, a bunch of green vegetables that no one dares to buy.
at Blogtuan.info – Source: Soha.vn – Read the original article here
