Shanghai’s Lujiazui financial forum falls victim to Covid-19 concerns as Communist Party Congress nears

The annual Lujiazui Forum, scheduled for Wednesday and Thursday, is officially postponed, but may not take place this year, an official says

Shanghai officials detected a new Covid-19 case on Tuesday, as millions across the country endure standstill orders amid outbreaks in more than 30 cities

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A deserted Lujiazui area of the Pudong district of Shanghai, pictured during the city’s lockdown on March 29, 2022. Photo: SCMP / Thomas Yau

Published: 5:43pm, 6 Sep 2022Updated: 5:55pm, 6 Sep 2022

Shanghai has called off the city’s most important financial forum the day before it was scheduled to start after the city detected a new Covid-19 infection for the first time in a week.

The Lujiazui Forum, which was scheduled for Wednesday and Thursday, is delayed, not cancelled, officials with the Shanghai Information Office told the Post.

However, another government official said the annual event might not be held this year, citing outbreak concerns and the availability of several senior financial regulators.

The Communist Party will hold its national congress starting on October 16, during which Chinese President Xi Jinping is expected to secure a third term while the party decides on a new line-up of leaders.

After the congress ends in late October, top financial regulators are expected to be occupied with new policymaking, and may not be able to afford time for the two-day event in Shanghai through year’s end, the source said.

Guo Shuqing, chairman of the China Banking Regulatory Commission, speaks during the Lujiazui Forum in Shanghai on June 13, 2019. Guo was slated to co-chair this year’s forum. Photo: Bloomberg

Officials detected a single, asymptomatic Covid-19 infection in Shanghai on Tuesday, raising concerns about an outbreak in the city of 25 million people, which saw economic activity brought to a virtual standstill during a lockdown that lasted from April 1 to May 31.