Shanghai’s Decline Speeds Up, 60% of Shops Close, Foreign Investors Withdraw, and the Rich Escape

Chinese New Year is a traditional holiday in China when families reunite and celebrate together. But in today’s bustling Shanghai, things look very different. Those staying in the city for the holiday have found that instead of the festive atmosphere they expected, the city feels empty and quiet. Whether in the city center or near residential areas, the streets are nearly deserted, with few cars, closed shops, and hardly any pedestrians.
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