Optimism defeats slowdown in Shanghai

The economic recession seems to have disappeared from the streets of Shanghai. At least, that's the way it feels.

With the Lunar New Year, or Spring Festival, just around the corner, walk the city streets, and you'll have optimism walking right beside you.

The cheerfulness is remarkable, considering the grave challenges posed by a sagging global economy that is sending lingering shockwaves - stock market in doldrums with no recovery in sight, closure of factories, rising unemployment, and shrinking year-end bonuses.