The blues of China’s middle class

Crowds line up to taste once again the pleasure of a steaming xiaolongbao (steamed ravioli) swallowed on the spot. The 3.5% rebound in retail sales in the first two months of the year, the first since September, confirms the giant’s awakening after the abrupt lifting of health restrictions in December, and the dazzling winter epidemic wave.

But “there’s a Canada Dry effect”, warns Sandrine Zerbib, “Shanghai is no longer Shanghai. There’s no longer the appetite for tomorrow, and for innovation.