Fast-growing Shanghai hit by power crunch and traffic

China’s richest city and commercial stronghold is expected to show slower economic growth this year as it grapples with power crunches, a property bubble and traffic snarls, Shanghai’s mayor said yesterday.

The city of 20 million – roughly the entire population of Australia – should nonetheless grow 11% and rack up its 14th year of double-digit expansion, mayor Han Zheng told an annual meeting of the city’s parliament.

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