Shops in Shanghai’s Financial Hub Pay High Price for Zero-COVID

Pedestrians walk on the Bund opposite Lujiazui Financial Center in Shanghai, China, on June 10, 2022. Liu Jin/AFP via Getty Images

Shanghai’s Lujiazui financial district, known as China’s “Wall Street,” has paid a high price under the Chinese Communist Party’s strict zero-COVID policy. More than a third of the district’s shops have been closed, according to a financial service firm’s analysis.

CRIC Securities, a financial service provider in Hong Kong, revealed in its August report that 34 percent of shops in Lujiazui’s landmark mall—Super Brand Mall—were closed.