ABSTRACT

Shanghai’s recent developments are by all accounts impressive and, in some areas, unprecedented. This chapter first looks at the development of China’s largest city from a historical perspective. It then outlines Shanghai’s major economic developments at the turn of the twenty-first century, including urban development, stock market, key industries, and mega business deals. It is tempting to compare Shanghai with New York City, for the two cities did share things in common, such as a vibrant commercial culture, a longstanding tradition of cosmopolitanism, entrepreneurship, the size of each city to the nation, and so on. The author suggests that Shanghai should be allowed to have more autonomy in business decision-making in order to be able to compete in global markets, as it did in its heyday. What Shanghai needs most is an institutionalized and transparent legal system that can warrant fair play in all business conducts. In conclusion, Shanghai’s remarkable achievements in recent years have placed it facing an even greater challenge on its road toward ‘China’s New York City.’