No Orders, Industrial Chain Shifting, Manufacturing Wilting:China's Wealthiest City is Out of Money

The economic downturn in China has become an internationally accepted reality, a decline clearly visible, especially in Shanghai, the economic epicentre. This can be observed in several key aspects: the withdrawal of foreign investments in Shanghai, a noticeable absence of foreigners on the streets, a dramatic drop in the prices of luxury and second-hand homes, a series of closures of large shopping malls, bleak business prospects for brick-and-mortar stores, and a significant spike in unemployment, among other indicators.
In fact, the deterioration of Shanghai's economy is reflected in the officially released economic data. This year, after experiencing high-speed growth in April and May, the industrial economy in Shanghai saw a considerable decline in June and July compared to the same period last year. Although the economic data for August has yet to be released, the current situation does not look promising.