Truth Behind Shanghai’s “Prosperity” — It is Just a Mirage

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Once upon a time, Shanghai was synonymous with "prosperity"; but the changes in recent years are obvious—fewer people, less liveliness, fewer opportunities.

Rows of empty shops line the core business districts; once prime real estate is now sparsely populated. Someone took a picture of the street scene at noon, and the picture is so desolate that it was almost unrecognizable as Shanghai.

Shanghai hasn't suddenly collapsed, but the decline in consumption is no longer a trend, but a reality. A 1000-square-meter supermarket, even with an incredibly low monthly rent of $300, still attracts few renters.

When "not earning money" and "high cost of living" coexist, migrant workers have no choice but to leave Shanghai. Some return to their hometowns, some move to cities with lower costs, and some are still struggling, but are nearing their breaking point.

Shanghai's population has been declining in recent years, especially the floating population: from 10.48 million in 2020 to 9.8 million in 2024, a loss of approximately 650,000 people in just four years.

The lights of the Bund still shine brightly, but for many ordinary people, this city is becoming increasingly distant.

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