Business
2019.05.20 16:18 GMT+8

Shanghai: A city that never sleeps

CGTN

How a city looks at night is usually the best guideline for measuring its level of economic activity.

Despite a challenging trade environment the world faces, Shanghai, a financial center in China, and one of the most important port cities in China, is still ablaze with lights at night.

Busy trade activity

"The port is even busier than before," said the people in charge at the Shanghai International Port Group. The cargo ship load and unload a total of 10,000 containers at night and leave the port early in the morning.

The city's container throughput reached 1.041 trillion during the first quarter of 2019, increasing by 6.9 percent despite the difficult trade environment, while the European and America routes witnessed the greatest growth.

Photo/VCG

To improve the business environment, Shanghai International Port launched electronic shipping documents to shorten the customs clearance time and lower costs.

The water transfer business at the port has also been developing rapidly, hedging against the downward stress in import and export.

Evolving financial service capability

A busy port also signals prospering manufacturing and consumption, and a rapidly developing financial service industry that can support the financial settlement the port needs.

For Jin Licheng, the general manager at the investment banking department of Guotai Junan Securities, the boundaries between day and night have long blurred.

"Especially since China decided to launch the science and technology innovation board in Shanghai," said Jin.

Every week, he takes on average five flights and one high-speed train to meet with clients that are interested in listing their companies in the science and technology innovation board.

"Many of our clients are from the U.S. and Cayman Islands, because of the time difference, we can only have a teleconference with them at midnight," Jin said.

The hard work was awarded, with many of the companies his team represented getting the listing approval.

"When they say good night, it's morning here, a brand new day!" he said. 

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