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Shanghai reopening

Shanghai reopening
Latest news and updates as Shanghai reopens following two months of anti-Covid lockdown, covering the 50-point plan to repair the city’s US$637 billion economy and restore China’s commercial and financial hub to normality, the impact on the stock market, the Port of Shanghai and the 25 million people who call the city their home.
Shanghai Disney Resort, which encompasses the Disneyland theme park, hotels and Disneytown and Wishing Star Park areas, began operations in 2016. Photo: Kyodo
Disney

Shanghai Disney adding Spider-Man-themed ride to ensnare Chinese visitors

The forthcoming attraction, which will offer guests a high-speed, fully immersive experience, is based on the popular Marvel Super Heroes.

China property

Shanghai’s millionaire residents upgrade to premium homes, ignoring market slump

China property

Shanghai Disney Resort opens world’s first Zootopia-themed attraction

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Tourism

Shanghai taps world-class operas to boost appeal as a tourist destination

Mainland China’s commerce hub is adding a new dimension to its efforts to develop its appeal as an international tourist destination – organising world-class artistic performances to attract opera lovers and musical aficionados.

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A concert called Ode To The Silk Road is performed by the Shanghai Symphony Orchestra on October 19, 2023 at the Shanghai International Art Festival. Photo: SCMP Handout
China's border reopening

IDG Capital, Brookfield among 7 firms granted access by Shanghai to unlisted firms

Shanghai has approved another seven institutions – including IDG Capital and Brookfield – for the QFLP scheme, which allows foreign funds to buy shares in unlisted companies and launch yuan-denominated venture-capital products.

China's border reopening

Shanghai offers cash awards to lure hi-tech manufacturing projects

The commercial hub is offering cash awards of up to 100 million yuan (US$14.53 million) to attract manufacturing projects in key sectors such as artificial intelligence and biotechnology, in a bid to reignite economic growth after China’s reopening.

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Shanghai

Shanghai pledges more support for small businesses to boost economic recovery

Shanghai Mayor Gong Zheng on Sunday said more economic sweeteners, such as tax cuts and government subsidies, are now in the works to address the problems faced by the city’s small businesses.

The Shanghai municipal government is now studying new policies to address the problems faced by the city’s many small businesses. Photo: Shutterstock
China's border reopening

Shanghai’s economy to ‘boom amid post-Covid influx of foreign investment’

Shanghai’s economy, battered by lockdowns this year, will grow at least 6 per cent in 2023 as China’s exit from its zero-Covid policy ushers in a wave of foreign capital, according to an economic adviser.

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Electric & new energy vehicles

China’s first-quarter EV sales set to plunge as Covid-19 cases rage

A flare-up in Covid-19 cases is likely to cause China’s electric vehicle (EV) industry to lose 600,000 sales in the first quarter of 2023 amid disrupted production and lower demand.

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China’s Communist Party

China’s Li Qiang makes speech for State Council, hinting at premier’s job

In first public appearance representing the country’s cabinet, Li says China’s leadership is working to create a favourable business environment.

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Li Qiang, a member of the Standing Committee of the Politburo of the Communist Party of China (CPC) Central Committee, attends the opening of the 17th national congress of the Chinese Peasants and Workers Democratic Party. Photo: Xinhua
Shanghai

Shanghai’s small businesses get mixed feelings about zero-Covid policy pivot

China is unmistakably reopening its economy by rolling back some of the toughest anti-pandemic measures. Small businesses in Shanghai are not entirely sure if this policy pivot is all good news.

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People walk along Nanjing Pedestrian Road, a main shopping area in Shanghai in May 2021. Photo: Reuters
Tourism

Shanghai Disneyland reopens as China eases anti-Covid measures

The reopening of one of China’s largest amusement parks is a major step forward for Shanghai’s 25 million residents, who had to put up with stringent restrictions as authorities tried to snuff out the Covid-19 disease.

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Hong Kong society

Post wins Asia Podcast Festival award for series on Shanghai lockdowns

From bartering with neighbours for food to supply chain slowdowns, the five-episode feature details the wide-ranging hardships of the pandemic.

Coronavirus China

Shanghai Disneyland shuts doors for third time this year as Covid cases rise

Shanghai Disney Resort has closed the US$5.5 billion Shanghai Disneyland amusement park just four days after reopening it, because of a resurgence of Covid-19 cases in the city.

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A file photo of Shanghai Disney Resort from June this year. Photo: Reuters
Shanghai

Shanghai to offer cruises on once polluted Suzhou Creek to aid local economy

The service launch, following a US$5.5 billion rehabilitation of the river, comes as the mainland’s commercial hub strives to make up for ground lost during its two-month lockdown earlier in the year.

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Suzhou Creek wends its way through the heart of Shanghai. Photo: Shutterstock
China stock market

Allianz China says it is ‘time to buy shares’ as it bets on reopening

Wong’s views echoes the optimism by Bank of America and JPMorgan, whose economists and strategists said China may relax Covid restrictions sooner than expected, and that investors should buy the dip.

Coronavirus pandemic

Panic buying of bottled water grips Shanghai as taps run dry in 10 areas

Alarmed shoppers – particularly the elderly – stripped shelves bare of water in shops across the city after local authorities warned a pipe cleaning operation would disrupt supply on Wednesday.

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Shanghai

Can ‘peanut’ e-coupon lottery save Shanghai’s Covid-hit retail economy?

Can 1 billion yuan (US$140.5 million) of e-coupons save Shanghai’s battered retail industry? It’s peanuts, but a good start nonetheless, analysts say.

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Visitors walk through the Yuyuan Garden in Shanghai on October 2. Photo: Bloomberg
China property

Shanghai’s housing market rebounds as banks quicken loan approvals

As house prices shoot up, the battered local economy should benefit as the city government fast-tracks approvals for home construction and rakes in higher proceeds from land auctions, say analysts.

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Coronavirus China

Will Covid chills, slumping economy keep China from global luxury goods market crown?

Since 2020, factors such as Beijing’s zero-Covid policy, the crisis in the property sector and a huge number of lay-offs appear to have stirred up an increasing amount of self reflection among China’s young middle-class shoppers and suppressed their appetite for spending.

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Artificial intelligence

Shanghai draws up AI development master plan to boost economic recovery

The initiative reflects the concerted effort by local authorities to build up the regulatory infrastructure behind the city’s artificial intelligence industry.

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Shanghai’s draft artificial intelligence plan reflects the concerted effort by local authorities to build up the regulatory infrastructure behind this hi-tech industry. Image: Shutterstock
Shanghai

Shanghai ‘doubles down’ on efforts to develop Lingang free-trade zone

Shanghai officials are putting Covid-19 lockdown memories behind as they aim to achieve US$145.5 billion of industrial output in the bonded zone that connects Lingang with the Yangshan Deepwater Port.

Aerial photo taken Sept. 21, 2016 shows a view of the China Pilot Free Trade Zone in Shanghai. Photo: Xinhua
China manufacturing

Shanghai to fast-track new projects to kick economy into high gear

Shanghai’s economic growth is likely to miss the 2022 target of 5.5 per cent, as the economy struggles amid a power shortage and intermittent anti-Covid policies to get back to normal.

Hong Kong property

Covid-19 curbs: Hong Kong developers’ earnings tumble by up to 60 per cent

Covid-19 restrictions dragged on the profits of Hong Kong developers in the January to June period, with declines ranging from 40.5 per cent to 58 per cent, filings with the Hong Kong stock exchange on Thursday show.

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China’s 2022 heatwave

Searing heat sends Shanghai’s post-lockdown recovery up in smoke

The unprecedented heatwave in Shanghai has raised concerns about the possibility of an impending power crunch and disruption to construction work, hampering the city’s economic recovery from a two-month Covid-19 lockdown.

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People walk along The Bund promenade as decorative lights are switched off to save energy in Shanghai on Tuesday. Photo: AFP
Coronavirus China

2 new Covid-19 infections in Shanghai spark fears of curbs returning

The city’s government sealed off a clutch of residential compounds in the southwestern districts of Minhang and Xuhui, warning residents that more new cases are likely to surface.

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A health worker takes a swab sample from a woman to test for Covid-19 in Shanghai. Photo: AFP
Art

Will China’s art market recover any time soon following Covid lockdowns?

Shanghai and Beijing are bustling to resume art exhibitions suspended by China’s spring Covid-19 lockdowns, but some gallerists see recovery as still some way off.

China property

Shanghai luxury homes cost 1 million yuan more amid upgrade demand

The prices of high-end homes – those priced above 10 million yuan (US$1.5 million) – have shot up in Shanghai amid increasing demand for more spacious flats following the city’s two-month long citywide Covid-19 lockdown.

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