Morning:
8°c
Ancient and modern coexist quite happily in Shanghai. Take the new car owner. One of the first trips is often to the nearest temple.
There, for a price, the monks will provide celestial cover against the uncertainties of the road network. A 10-monk ceremony costs around £400, which is not bad if it works.
Driving a car in Shanghai is certainly not for the faint hearted. The roads are packed, the parking opportunities patchy and traffic regulations loosely interpreted. There are far less stressful means of transport.
But Shanghai has taken to the car with enthusiasm. Rising disposable incomes have made owning a car a possibility for many. Over the past 10 years, private-car ownership has grown from some 4200 in 1997 to over 1.2 million.
But buying a car is not the whole story. You can't actually use it until you have licence plates. And that's not so easy.
Shanghai limits the number of cars by restricting licence plates. Each month, they put up around 6000 for auction. It's a sealed bid so if you want to be assured of success you have to aim high, currently over £3000 a set.
And you need a driving licence. It usually takes two months to get driving skills up to test standard but there's also a written exam.
A hundred multiple choice questions and a pass mark of 90%. This should be quite daunting, but luckily they give you the answers to memorise beforehand.
After all that effort, many private cars in Shanghai still don't get used much. They're more of a status symbol. But if they do, it's likely to be on Sundays.
In fact, there are so many Sunday drivers now that the traffic jams at the weekend are as bad as during the week.
• The Consumer Price Index in February fell by 1.6% year-on-year, the first decline in six years. Some think it will continue to fall.
Not good news for stimulating consumption. Just a hint of falling prices and the Shanghainese put their money away. Why spend now when it will be cheaper later?
• Fresh from his triumph at the Beijing Olympics, film director and spectacular organiser Zhang Yimou is to stage a massive show in Beijing for the Republic's 60th birthday in October.
What's the betting he turns up at Shanghai Expo next year? At the moment, only Sarah Brightman is billed to perform.
