Shanghai began to do the economic reform in the early days. Now, it has more than caught up with the other coastal cities in establishing its key role in the nation’s development.

In the process, it has transformed itself from a dull and inefficient manufacturing base for a planned economy to a vibrant and progressive metropolis, servicing the modern industrial heartland of the Yangtze River Delta region.

Most of the imposing pre-war buildings still stand as testimony to the faded glory of Shanghai as the Paris of the East. The new symbol of China’s premier financial center in this city is glass-and-steel office towers across Huangpu River in Lujiazui in the Pudong new district.

Since the financial sector opened to foreign institutions, Shanghai has become the China headquarters for nearly all the major foreign banks, insurers and investment houses.

The city is home to the country’s main stock market that ranks as one of the largest in Asia in terms of total capitalization. And it has bigger and bigger influence on the international market.

The Shanghai municipal government has laid out a comprehensive blueprint for the financial sector’s development. It calls for improvement of the exchanges and information technology to help ensure greater market transparency and new financial derivatives products and services.

Shanghai’s position as the region’s aviation hub has been strengthened by the continuing expansion of both the Pudong International Airport and Hongqiao Airport for domestic flights. The role they are playing will be more and more important in industries in Yangtze River Deltaregion.

Shanghai is a major shipping hub in the Asia-Pacific region. The combined throughput of Shanghai’s port facilities has surpassed Hong Kong or Singapore.

But skilled workers in Shanghai have become the city’s growing pool. These highly qualified professionals from all over the country are pivotal elements to Shanghai become a financial centre of international standing.

Are you interested in the business opportunities in China?

China is one of the world’s great growth markets and is likely to be for many years to come. Foreign companies often face difficulties in assessing Chinese market demand and enacting effective strategies because of the language barriers, culture differences, and high expense.

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China, economic, key role, reform, Shanghai