After three years of dealing with the pandemic, Shanghai, like the rest of China, has seen its commercial sector take a severe hit. Official data released at the end of July shows that retail sales in Beijing dropped by 6.3% in June. In Shanghai, the financial hub, the consumer index fell even more sharply, by 9.4%. There’s clear evidence of a steep decline in consumer spending in China’s major cities.
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Visible Recession in Shanghai, the Wealthy Accelerate Emigration, 380,000 Left in a Month
