The club originally set out plans to transform Molineux with the aim of creating a 50,000 seater stadium on the current site of the current 32,000 capacity ground.
But those ambitions were shelved after the pandemic and put on hold as the club recovered from a financially difficult period.
Now, Shi insists Molineux does not need a complete overhaul, but has promised to make 'tweaks' to improve it.
"Molineux is not a bad stadium," Shi said via the Business of Sport podcast.
"I have been to many stadiums in the UK and it's a good stadium.
"On capacity we have 32,000 and I think it's good enough, maybe 35,000 or 40,000 is the max for the city, but it's not urgent.
"The urgent changes are that I think we should have more hospitality areas to serve the clients who want a better environment to have a conference or to eat there. We should do more on this.
Wolves chairman Jeff Shi (Getty)
"We have a very old stand, the Steve Bull stand, it's too old. The next plan is to try and change a bit there and build more areas for hospitality, similar to what Fulham did with their new stand.
"That's what we are trying to do but I don't think the capacity should be much higher than it is now.
"Financially, we care carefully thinking about it. The goal is not to rebuild the stand or the stadium, but to tweak it and optimise it."
Wolves are currently rebuilding their team this summer as they look ahead to Vitor Pereira's first full season in charge.
The club are keen to bring in enough quality to compete, but will maintain their efficient approach to spending, something Shi believes is to the club's long-term benefit.
"You have to make sure you are the one that spends money most efficiently," he added.
"Maybe we are the most efficient at investing, I think we are one of the best in the league.
"When you invest less, but enough, then you have more space to survive, sustain, or grow.
"If you invest £1billion in Wolves, maybe for one or two seasons you will be good enough, when a bad season comes you can't revive from that.
"If you go down, you have already spent £1billion and if you sell the club you will lose money for sure.
"The important thing is to control spending in a range where you still feel safe, that's our way to think about the long-term future.
"If everything is right with our business model or strategy, we should break even.
"But sometimes we lost money because maybe we were too emotional, like spending too much, or a very difficult time when we were in the bottom three and we had to react and adapt.
"If every season we are top 10, or in no danger of going down, we can break even, but football is not like that.
"The balance is not from the financial books, it's more about the sport and making sure the squad is right to compete."