According to Engel’s Coefficient law, as much as 84.2 percent of Shanghai families have hit or are above the “well-off ” standard, with their expenditures on food accounting for less than half of their income, according to a survey conducted by the Shanghai Academy of Social Sciences. The survey also found out that more than half (55.9 percent) of the city’s individuals receive a per capita income of between 51,000 ($7,591) and 100,000 yuan, with the annual household income of 61.5 percent of local families ranging from 100,000 to 200,000 yuan.
A number of Chinese enterprises including Shanghai Electric have approached Fiat Chrysler Automobiles (FCA) with a bid to buy its Comau robotics business, according to Reuters. Chinese conglomerate Sinomach and Shanghai Institute of Mechanical and Electrical Engineering (Simee) have also contacted the FCA regarding a possible buyout. Comau is Fiat’s second-largest components business and its adjusted operating profit was 72 million euros ($80 million) last year. The potential acquisition comes amid the recent trend of Chinese enterprises taking over overseas companies. It was reported earlier this year that Midea Group Co became the largest shareholder of Kuka AG after buying a 25.1 percent stake in the German robot maker.
Latest data published by WeChat, China’s most widely used mobile messaging application, revealed that the most number of people traveling across China during the recent National Day holiday came from Beijing, while Shanghainese were the most prolific in going abroad. The survey, which tracked the travel patterns of Chinese between Oct 1 and Oct 7, also found that Guangzhou and Hong Kong were the most favored domestic destinations, while the United States was the top overseas destination for Chinese tourists. The most popular domestic scenic spot was the West Lake in Hangzhou where the G20 summit was held in September.
Plans to build the new 46-hectare Shanghai East Railway Station are currently underway. The station will become the city’s second-largest after Hongqiao Railway Station and the first in the city’s Pudong New Area, according to Eastday. com. Sun Zhang, a professor from Tongji University, was quoted by ThePaper. cn saying that passengers in Shanghai stand to enjoy more convenience from this latest addition, which takes the tally to four railway stations in Shanghai.
Sasaki Associates, a USbased architecture firm, has beaten a field of international competitors to win the bid to redesign the Suzhou Creek, reported by Archdaily. com. Also known as Wusong River, the creek has suffered from severe pollution over the recent decades and the new design will focus on expanding the perceived waterfront of Shanghai into the urban blocks adjacent to the creek. Sasaki has worked on several projects in Shanghai, including the Xuhui Runway Park, Zhangjiabang Park, Jiading Central Park and the Chongming Island Xinchusha master plan.