Inside The Red Ponzi: Why The Golden Era Of Shanghai Is Over

We saw a big change last year. Several years ago, there were a lot of laborers building the train networks who would buy everything they needed from our shop, but Shanghai does not need this kind of labor any more. People are leaving the city,” said Wu, 44, who moved to Shanghai with her husband Sun from the eastern province of Anhui a decade ago to make their fortune.The couple, whose grown children are now working in local department stores, are considering shutting up shop. Like many small business owners who spoke to The Australian Financial Review, they say rising rents, red tape and high costs have made life difficult.