Shanghai (6do encyclopedia)



Shanghai, also known as the “Paris of the East”, is the largest city in China and one of the largest cities in the world. With a population of over 24 million, Shanghai is the center of finance, commerce, fashion, and technology in China. The city is located in the eastern part of China, at the mouth of the Yangtze River, and is one of the four municipalities directly under the central government of China.

History

Shanghai has a rich history, dating back over 5,000 years. The city was first established as a fishing village during the Song Dynasty (960-1279), but it wasn’t until the Ming Dynasty (1368-1644) that Shanghai began to flourish as a trading port. In the late 19th century, Shanghai became a center of international trade and business, attracting people from all over the world. Europeans, Americans, and Japanese settled in Shanghai, building a city that was a mix of different cultures and architectural styles.

In the 1920s and 1930s, Shanghai became known as the “Paris of the East” due to its vibrant nightlife, glamorous fashion, and sophisticated culture. Many famous writers, artists, and musicians spent time in Shanghai during this time, including Ernest Hemingway, Charlie Chaplin, and George Bernard Shaw.

During World War II, Shanghai was occupied by the Japanese and suffered significant damage. After the war, the city was rebuilt and began to grow rapidly. Today, Shanghai is one of the most prosperous and cosmopolitan cities in the world.

Economy

Shanghai is one of the most important economic centers in China and the world. The city is home to the Shanghai Stock Exchange, the largest stock exchange in China, and many multinational corporations have offices in the city. The city is also a hub for shipping and logistics, with the Port of Shanghai being one of the busiest and largest ports in the world.

In recent years, Shanghai has become a leader in technological innovation, particularly in the fields of artificial intelligence and biotechnology. The city is home to many world-class research institutions and has a highly educated workforce.

Tourism

Shanghai is a popular tourist destination, attracting millions of visitors each year. The city has many famous attractions, including the Bund, a waterfront promenade with stunning views of the skyline; the Shanghai Tower, one of the tallest buildings in the world; and the Yu Garden, a beautiful classical Chinese garden.

The city also has a rich cultural scene, with many museums, galleries, and theaters. The Shanghai Museum is one of the most popular museums in the city and contains a vast collection of Chinese art and artifacts. The Shanghai Grand Theatre hosts many international opera and ballet performances, as well as performances by local artists.

Food

Shanghai is famous for its cuisine, which is a blend of different regional Chinese cuisines as well as international influences. Some of the most famous Shanghainese dishes include xiaolongbao, a type of steamed bun filled with soup and meat; shengjianbao, a type of pan-fried dumpling; and hongshao rou, a type of braised pork.

Shanghai is also known for its street food and night markets, where visitors can try a variety of local dishes and snacks. The most famous night market in Shanghai is the Yuyuan Bazaar, where visitors can find everything from local snacks to traditional handicrafts.

Transportation

Shanghai has a well-developed transportation network, with an extensive subway system and many public buses. The subway system is one of the largest and most efficient in the world, with 17 lines and over 400 stations.

The city is also home to two major airports, Shanghai Pudong International Airport and Shanghai Hongqiao International Airport, serving domestic and international flights. The city also has an extensive network of highways and high-speed trains, making it easy to travel to other cities in China.

Conclusion

Shanghai is a vibrant and cosmopolitan city, with a rich history, a booming economy, and a vibrant cultural scene. Whether you’re interested in shopping, sightseeing, or trying new foods, there is something for everyone in Shanghai. With its modern infrastructure and well-developed transportation network, it’s easy to explore all that this bustling metropolis has to offer.


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The week in Asian football

Reuters

23-05-15 02:22


Shanghai Port have reclaimed the top spot in the Chinese Super League, above Shanghai Shenhua, following a 2-1 win over Zhejiang FC. Vissel Kobe have also opened up a five-point lead over Yokohama F Marinos in Japan with a 2-0 win over Sanfrecce Hiroshima. Meanwhile, defending champions Ulsan Hyundai have an 11-point lead over their nearest rivals following a 3-2 win over second-placed FC Seoul in the K-League. In Hong Kong, Kitchee sealed a league and cup double with a 7-1 victory over BC Rangers in the FA Cup final.

https://www.reuters.com/sports/soccer/week-asian-football-2023-05-15/
Northbound Swap Connect: China opens derivatives market to global trade

South China Morning Post

23-05-15 02:02


China launched the Swap Connect program on Monday, opening its interbank financial derivatives market to global investors, allowing them to hedge yuan interest rate risks for the RMB3.2tn ($460bn) Chinese bond holdings. It follows various range of connect programs launched in stocks, bonds, ETFs and wealth management over the past nine years. Within minutes of the launch, traders concluded 37 transactions worth CNY1.8bn. Hong Kong's three note-issuing banks are among the lenders taking part in the northbound trading of Swap Connect. The daily trading quota of Swap Connect is initially set at CNY20bn.

https://www.scmp.com/business/article/3220546/northbound-swap-connect-china-opens-derivatives-market-global-investors-hong-kong-first-time
What to Watch in China’s Economic Data as Recovery Loses Steam

Bloomberg

23-05-15 01:58


China’s National Bureau of Statistics is expected to release data showing further growth in its economy for April, but experts warn that comparisons with the same month last year may obscure the picture of economic recovery. The boosted data is likely to include increased industrial output, fixed-asset investment, and retail sales, with services performing particularly well. Nevertheless, the property market has weakened once more, and auto sales have slumped from their 2015 peak, leading some analysts to wonder if the central bank may need to take steps to ease monetary policy, though many expect a “wait-and-see” approach.

https://www.bloomberg.com/news/articles/2023-05-15/what-to-watch-in-china-s-economic-data-as-recovery-loses-steam?srnd=next-china
Chinese tech entrepreneurs go on global offensive

Financial Times

23-05-15 01:19


An increasing number of Chinese tech entrepreneurs are looking beyond their domestic market and expanding into foreign markets to address issues around intense competition at home and an uncertain operating environment. Despite geopolitical tensions, these entrepreneurs believe Chinese companies are not all controlled by the government, and are moving to foreign markets that are less price sensitive and tend to pay for tech that speeds up business processes. Some startups have the advantage of being able to price below competitors, such as Cloudpick and Passive Edge, while others target niche markets, such as Zhengchao Electric and its EV chargers for Oceania and southeast Asia.

https://www.ft.com/content/cbaef157-d914-402a-894d-90b24cc634ef
China Opens New Channel Giving Access to $3 Trillion Swap Market

Bloomberg

23-05-14 23:30


Investors will be able to access derivatives that will help hedge their exposure to China's bond market in a new onshore interest rate swap program starting on Monday. The Swap Connect program enables investors to bet on China's monetary policy via its key money-market rates. The program also assists Beijing's push to open up to more global investors. The program is expected to have a major effect on foreign demand for offshore interest-rate swaps, which have higher bid-ask spreads than onshore ones. China has set a CNY20bn ($2.9bn) daily limit for net trading under Swap Connect.

https://www.bloomberg.com/news/articles/2023-05-14/china-opens-new-channel-giving-access-to-3-trillion-swap-market?srnd=next-china
A barbecue frenzy is gripping China. Can street food revive the economy?

CNN

23-05-16 01:34


China is set to allow street peddlers to operate in many of its cities to try to revitalise the economy and tackle youth unemployment, which stood at 19.6% in March and is expected to worsen with a record 11.6 million college students expected to graduate this year. Several cities relaxed their rules on street selling this year, following on from a viral sensation featuring an outdoor barbecue in Zibo, a little-known city in China's Shandong province. CNBC said the trend revealed the Chinese leadership's struggle to tackle the country's economic challenges. Steve Tsang, director of the SOAS China Institute at the SOAS University of London said: "It does look like the Chinese leadership cannot find better ways to create employment and thus maintain stability and order than encouraging young people to be street vendors. For workers or graduates with skills for the digital era, taking on street vending is a sign of desperation rather than creative thinking."

https://edition.cnn.com/2023/05/15/economy/china-zibo-bbq-economy-intl-hnk/index.html
Too much demand, not enough supply. Global airfares set to stay sky high into 2024

South China Morning Post

23-05-16 06:00


Air travel is becoming more expensive post-pandemic, with most regions affected. The Asia-Pacific area has seen the highest prices increases - up to 33% more than in 2019. Europe has seen a 12% increase, while North America is at 17%. The closure of airspaces, labor shortages, and rising fuel costs are all affecting the supply of seats and contributing to the price increases.

However, the demand for international travel is strong, so travelers on the higher end of the income spectrum are paying for the higher prices. Domestic tourism revenues have also jumped in China, surpassing pre-pandemic levels to 101% during a recent holiday period. China’s theme parks are also said to be bouncing back to pre-pandemic levels as pent-up travel demand sparks a tourism boom.

International airlines saw a plunge of just 12.4% in passenger numbers in Q1 of 2023 compared to Q1 of 2019, due to lingering concerns over Covid-19 and tensions with the US and Europe. Chinese island Hainan saw a return of interest in its high-end consumption market, with foreign brands flocking to catch the post-Covid economic recovery.


https://www.scmp.com/economy/global-economy/article/3220685/global-impact-demand-outstripping-supply-eager-travellers-have-their-wings-clipped-amid-post-covid

Foreign Investors Miss Out on Best China Bond Rally of 2023

Bloomberg

23-05-16 04:30


Foreign investors sold Chinese bonds on a net basis in April in all market sectors except policy financial bonds, according to Bloomberg calculations based on data released by China Central Depository & Clearing and Shanghai Clearing House. Frequent selling by foreign investors has been spurred by lower yields for Chinese debt compared to global counterparts and fears that the economy's rebound will reduce the demand for Chinese bonds; total foreign positions fell by CNY 171bn ($24.8bn) in the year to April. Citigroup previously downgraded China bonds to underweight, but last week modified its position to neutral.

https://www.bloomberg.com/news/articles/2023-05-16/foreign-investors-miss-out-on-best-china-bond-rally-of-2023?srnd=next-china
China Probes Comedian For Mocking Xi Jinping Military Slogan

Bloomberg

23-05-16 04:19


Chinese comedian Li Haoshi, known professionally as House, has been suspended by Shanghai Xiaoguo Culture Media after making a joke about two dogs embodying the work ethic of a Xi Jinping military slogan. Nationalists in China criticised Li’s performance, causing a Beijing authorities’ investigation into the talk show company to be launched. In an audio clip of the performance posted to social media, Li compared the behaviour of two wild dogs to Xi’s eight-character slogan from a 2013 People’s Liberation Army national legislative session. The slogan featured in a popular military song. Xiaoguo issued a statement saying Li had been suspended indefinitely, while Li apologised for his “inappropriate” analogy. The Communist Party’s mouthpiece, People’s Daily, condemned House for “offending” the PLA and called for limits on what performers can say. China implemented a law in August 2021 criminalising insults against military personnel.

https://www.bloomberg.com/news/articles/2023-05-16/china-probes-comedian-for-mocking-xi-jinping-military-slogan?srnd=next-china
China's April factory output, retail sales lower than forecasts

Nikkei Asia

23-05-16 03:36


China's April industrial output and retail sales growth missed forecasts, indicating the economy has suffered further momentum at the start of the second quarter, adding to pressure to ensure that the post-COVID recovery is strengthened. The National Bureau of Statistics data stated that industrial output in China increased by 5.6% YoY in April, primarily accelerating from the 3.9% pace seen in March. However, retail sales increased by just 18.4% YoY, speeding up sharply from a 10.6% increase in March.

https://asia.nikkei.com/Economy/China-s-April-factory-output-retail-sales-lower-than-forecasts
Canada's Trudeau to visit South Korea; focus on minerals, security

Reuters

23-05-16 02:57


Canadian Prime Minister Justin Trudeau is to head to South Korea on 14 June for a summit with President Yoon Suk Yeol, marking the 60th anniversary of bilateral relations. Energy security will be at the fore of the talks, with the two governments expected to sign an agreement regarding key minerals supply chains and clean energy conversion. Canada boasts ample reserves of minerals – such as lithium, cobalt and nickel – used to make batteries for electric vehicles. Trudeau and Yoong will also discuss intelligence sharing and other security measures, potentially focusing on North Korea, which has previously been a sore point between Seoul and Ottawa.

https://www.reuters.com/world/canadas-trudeau-visit-south-korea-focus-minerals-security-2023-05-16/
Move over, U.S. dollar. China wants to make the yuan the global currency.

Washington Post

23-05-16 09:00


Large Argentinian home appliance retailer, Newsan, has started to settle its deals in Chinese yuan in a bid to protect itself from the weakening American economy. With access to US dollars in short supply, and Argentine companies being prevented from importing goods as a result of it, Newsan started ordering its products in yuan, and is being joined by others, including importers in Brazil which has just announced the ability for its companies to settle their trade in yuan. The use of the yuan by more economies, particularly as it is used instead of the dollar for large amounts of trade, is the first indication that it could be successful in causing a shift in the current global economic order. Furthermore, as western sanctions have been applied to Russia, and Russia and China conduct more trade, the use of the yuan is likely to become more commonplace.

https://www.washingtonpost.com/world/2023/05/16/china-yuan-renminbi-us-dollar-currency-trade/
MP Michael Chong to testify today after allegations China targeted his family

The Toronto Star

23-05-16 09:00


Canada's parliament is exploring allegations of intimidation made by Conservative MP Michael Chong and other politicians against the Chinese government. The high-profile series of events has been pockmarked by diplomatic expulsions and claims of "foreign interference". China has repeatedly denied the allegations, instead accusing "senior politicians" of smearing its diplomatic and consular missions. Prime Minister Justin Trudeau has emphasised that the government is serious about foreign interference, and a public inquiry is believed to be potentially forthcoming in the wake of the allegations made by Mr Chong and others.

https://www.thestar.com/politics/federal/2023/05/16/mp-michael-chong-to-testify-today-after-allegations-china-targeted-his-family.html
Tesla Executives to Visit India This Week in Pivot Beyond China

Bloomberg

23-05-16 08:30


Senior executives from Tesla are set to meet with Indian officials this week to discuss expanding its supply chain in the country. Senior managers in Austin, Texas-based Tesla’s business development, production and supply chain teams will meet with officials from the office of Prime Minister Narendra Modi. The executives will discuss the sourcing of components for Tesla models, with Tesla expected to ask for India to cut import taxes on its cars. While Tesla has struggled to penetrate the Indian market, rivals including Mercedes-Benz have begun to sell locally built electric vehicles to cater to rising demand in the nation.

https://www.bloomberg.com/news/articles/2023-05-16/tesla-executives-to-visit-india-this-week-in-pivot-beyond-china?srnd=next-china
China Arrests South Korean Footballer for Alleged Bribery

Bloomberg

23-05-16 08:22


China has arrested a South Korean national and former member of the country's national men's soccer team, Son Jun-ho, on suspicion of taking bribes, in a move that has raised tensions between Beijing and Seoul amidst several diplomatic and economic tensions. The move comes in the midst of a wave of investigations targeting foreign companies operating in China and has raised concerns amongst expatriates working in the region.

https://www.bloomberg.com/news/articles/2023-05-16/china-arrests-south-korean-footballer-for-alleged-bribery?srnd=next-china
Tesla applies to expand Shanghai plant, add pouch battery cell output

Reuters

23-05-16 08:19


Tesla is seeking regulatory clearance to expand its plans in Shanghai, and to begin producing, albeit in small numbers, pouch-type battery cells. In an undated public notice, the expansion would see the Shanghai Gigafactory have the capacity to produce 1.75 million powertrain units annually, up from 1.25 million. If the request is granted, Tesla would also produce trial pouch cells with the initial capacity to make 20,000-amp-hours of cells, equivalent to the power in a single Model Y battery pack. It's unclear how Tesla would use the pouch cells, and a request for comment was not returned.

https://www.reuters.com/business/autos-transportation/tesla-applies-expand-shanghai-plant-add-pouch-battery-cell-output-2023-05-16/
China's recovery loses steam in April, testing policymakers

Nikkei Asia

23-05-16 12:43


China's April industrial output and retail sales growth have fallen below forecasts, indicating that the economy lost momentum at the beginning of Q2 and putting further pressure on policymakers to support the post-pandemic recovery. The data also showed a decrease in property investment. Analysts have said that the figures highlight how difficult it is to keep the growth engine running after restarting it, suggesting that a downward spiral could result in weak activity data, rising unemployment, persistent disinflation, falling market interest rates and a weaker currency. The National Bureau of Statistics showed that industrial output grew 5.6% year on year in April, accelerating from 3.9% in March.

https://asia.nikkei.com/Economy/China-s-recovery-loses-steam-in-April-testing-policymakers
South Korean footballer Son Jun-ho detained in China

Deutsche Welle

23-05-16 11:13


South Korean footballer Son Jun-ho has been detained in China on suspicion of accepting a bribe, China's Foreign Ministry confirmed. The 31-year-old midfielder, who played for Shandong Taishan club, was placed in custody "recently". The South Korean consulate in the provincial capital of Shenyang has been informed about Son's detention. China is currently cracking down on corruption and match-fixing among those involved in sports.

https://www.dw.com/en/south-korean-footballer-son-jun-ho-detained-in-china/a-65636455
China’s April data show economic recovery losing steam, testing policymakers

The Globe and Mail

23-05-16 10:59


China's industrial output and retail sales growth in April were lower than analysts expected, increasing the pressure on policymakers to bolster the post-COVID recovery, which has become increasingly unsteady. The data showed a further decline in property investment and highlighted concerns about the outlook for the world's second-largest economy. Meanwhile, both export and domestic engines for growth remain sub-par. The central bank has kept interest rates flat but there is growing speculation that it will embark on further monetary easing in the months ahead.

https://www.theglobeandmail.com/business/international-business/article-chinas-april-data-show-economic-recovery-losing-steam-testing/