On May 27, 1949, Shanghai was liberated. The newly established people's government was warmly welcomed by the people of Shanghai. From then on, the rule of imperialism, feudalism, and bureaucratic capitalism in China's largest city came to an end, and Shanghai ushered in a new era. However, for the newly established people's government, they inherited a Shanghai that was full of problems and in need of development. At the same time, Western capitalist countries led by the United States imposed an economic blockade on the new China. Faced with internal and external difficulties, Shanghai's trade began to move forward in adversity.