Caixin
Jan 22, 2019 03:20 PM
ECONOMY

Shanghai’s ‘Golden Era Is Over’ for Mom and Pops as Economy Struggles

Wu Xia her husband Sun stand outside their shop in downtown Shanghai. This year the cheery kaleidoscope of red and gold hanging outside her store masks the subdued mood of many of China's small business owners. Photo: Grainne Quinlan/AFR
Wu Xia her husband Sun stand outside their shop in downtown Shanghai. This year the cheery kaleidoscope of red and gold hanging outside her store masks the subdued mood of many of China's small business owners. Photo: Grainne Quinlan/AFR

Business is usually booming for Wu Xia in the lead-up to Lunar New Year, China’s most important national holiday.

While her neighborhood shop sells everything from teapots to toothbrushes, the traditional lanterns, red envelopes and other decorations popular in Chinese households during the week-long festival make up a big part of her annual sales.

But this year the cheery kaleidoscope of red and gold hanging outside her Shanghai store masks the subdued mood of many of China’s small business owners.

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