How Dire Is Shanghai’s Economy? Real Estate and Finance Sectors Collapse Like Tofu-Dreg Projects

How Dire Is Shanghai’s Economy? Real Estate and Finance Sectors Collapse Like Tofu-Dreg Projects

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Recently, a well-known Chinese financial analyst, Lao Man, published an article at the end of November titled "How Bad is Shanghai's Economy," outlining dismal economic data for Shanghai this year. Notably, non-bank financial institutions in Shanghai, including insurance, securities, and trust companies, have almost entirely lost their growth momentum. In addition to the withdrawal of foreign capital, he said Shanghai’s economy is now like a pond of dead water.