Shanghai China Hotel
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Shanghai is often regarded as the center of finance and trade in mainland China. Modern development began with the economic reforms in 1992, a decade later than many of the Southern Chinese provinces, but since then Shanghai quickly overtook those provinces and maintained its role as the business center in mainland China. Shanghai also hosts the largest share market in mainland China.
Shanghai has one of the world's busiest ports. Since 2005, Shanghai has ranked first of the world's busiest ports in terms of cargo throughout, handling a total of 560 million tons of cargo in 2007. In terms of container traffic, it has surpassed Hong Kong to become the second busiest port in the world, behind Singapore.
Shanghai and Hong Kong are rivaling to be the economic center of the Greater China region. Hong Kong has the advantage of a stronger legal system, international market integration, superior economic freedom, greater banking and service expertise, lower taxes, and a fully-convertible currency. Shanghai has stronger links to both the Chinese interior and the central government, and a stronger base in manufacturing and technology. Shanghai has increased its role in finance, banking, and as a major destination for corporate headquarters, fueling demand for a highly educated and modernized workforce. Shanghai has recorded a double-digit growth for 15 consecutive years since 1992. In 2007, Shanghai's nominal GDP posted a 13.3% growth to 1.2 trillion yuan. The Shanghai Stock Exchange is the world's fastest growing, with the Shanghai Composite Index growing 130% in 2006.
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