All eyes on China, the crux of world growth

SINGAPORE (Sept 23): Once a manufacturing powerhouse for low-quality goods, Shanghai is fast embracing a new norm in which fast-food bills and taxi fares are settled with a mere tap of the mobile phone, and everything from the week’s groceries to the latest Under Armour gym wear is just a swipe of an app away.

“China is rebalancing its economy from manufacturing to services, from being export-reliant to being more domestic demand-oriented, and from investments to consumption,” says Jing Ulrich, managing director of Asia-Pacific at JPMorgan.

“On all three fronts, the transformation in the economy has really been quite remarkable. Today, if you live in Shanghai and are gainfully employed, life is pretty good.”

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