Shanghai Mayor visits three leading private firms in a day, expects them to play bigger role in consumption recovery · TechNode

On Thursday, Shanghai Mayor Gong Zheng visited local services giant Meituan, fintech giant Ant Group, and lifestyle-sharing platform Xiaohongshu. This is the latest sign that local governments are pledging support to the private sector while the economy is reeling from three years of Covid 19 lockdowns. Gong appreciated Meituan’s role in preventing and controlling the pandemic and safeguarding jobs, and encouraged the food and on-demand delivery giant to play a greater role in promoting Shanghai’s emergence as an international consumption center. Gong also suggested that Xiaohongshu, a popular and widely used platform where young people search for or share information such as food and travel recommendations and beauty tips, should stimulate demand for consumer goods through its recommendation-based feature. China’s financial hub Shanghai is targeting economic growth of 5.5% in 2023. [Yicai, in Chinese]