Monday, April 6, 2009

In days of yore, Shanghai was no more than a small town engaged in fishing and cotton textile handicraft. In the 19th century, owing to her advantageous geographic position in serving as a port, Shanghai developed at high speed. After the signing of the Treaty of Nanjing in 1842, Shanghai became one of the few trading ports in China for doing business with foreign countries, and she grew by leaps and bounds into a thriving center of commerce and cultural interchange. In the 30s of the 20th century Shanghai rose so much in importance as to become the pivot in China employed by transnational corporations in their effort to evolve foreign trade and develop local business. However, after the establishment of the People's Republic of China in 1949, almost all foreigners left Shanghai, with the result that the city lost her former luster very soon. This situation changed radically in 1990 with the implementation of China's policy of reform and opening to the outside world. Shanghai regained her former prosperity, though with alterations in many basic characteristics.

She has become the biggest economic center of today's China and the largest trading port on the globe. The Shanghai harbor may now be considered the biggest harbor on the globe because it handles the largest volume of freight in the world. It may also be mentioned here that the urban area of Shanghai now has 6,000 high-rise buildings---three times the number in New York.
In the beginning of the 1990s, the Shanghai government launched a series of new strategies to attract foreign investments. The biggest move was to open up Pudong, once a rural area of Shanghai. The strategies succeeded, and now Pudong has become the financial district of Shanghai, with numerous skyscrapers.

Today Shanghai's goal is to develop into a world-class financial and economic center of China, and even Asia. In achieving this goal, Shanghai faces competition from Hong Kong, which has the advantage of a stronger legal system and greater banking and service expertise. Shanghai has stronger links to the Chinese interior and to the central government in addition to a stronger manufacturing and technology base. Since the handover of Hong Kong to the PRC, Shanghai has increased its role in finance, banking, and as a major destination for corporate headquarters, fueling demand for a highly educated and westernized workforce.Related article:Shanghai best city of China for business

Tags: shanghai Last modified 02:08 Mon, 6 Apr 2009 by lilichinese. Accessed 126 times Children What Links Here Share