All cities should learn from Shanghai!

2022-07-23 0 By

Today we take a brief look at Shanghai’s scientific fight against COVID-19 and the benefits it has brought to the city’s economy.Shanghai residents do not use bright green codes when they go out, nor do they take nucleic acid tests for all citizens. They have always taken a prudent and objective attitude and never incited panic among citizens.This pattern, in stark contrast to the rest of the country, is sure to eventually show up in the economic data.Here I first give the comparison of the occupancy rate of star-rated hotels in Shanghai with that of other provincial administrative regions in China (Figure 1). The data source is the Ministry of Culture and Tourism.By the third quarter of 2021, Shanghai’s average hotel occupancy rate was 50 percent, leaving other provinces and cities far behind.In 2020, the overall loss of Shanghai’s above-scale accommodation and catering industry was 3.74 billion yuan, and in 2021, it will turn into an overall profit of 0.3 billion yuan.Although the profit scale is still low, but at least out of the overall loss of distress, so that the enterprise can persist.In contrast, the overall loss of Beijing’s above-scale accommodation and catering industry in 2021 exceeded 2.2 billion.When it comes to the all-important private fixed asset investment (which is the most dynamic and far more robust than government and state-owned investment), Shanghai’s private investment grew 19.3 percent year-on-year in 2021, compared with a national average of 7.0 percent.