- published: 24 Apr 2014
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Shanghai is the largest city by population of the People's Republic of China (PRC) and the largest city proper by population in the world. It is one of the four province-level municipalities of the PRC, with a total population of over 23 million as of 2010. It is a global city, with influence in commerce, culture, finance, media, fashion, technology, and transport. It is a major financial center and the busiest container port in the world.
Located in the Yangtze River Delta in eastern China, Shanghai sits at the mouth of the Yangtze River in the middle portion of the Chinese coast. The municipality borders Jiangsu and Zhejiang Provinces to the west, and is bounded to the east by the East China Sea.
Once a fishing and textiles town, Shanghai grew in importance in the 19th century due to European recognition of its favorable port location and economic potential. The city was one of several opened to foreign trade following the British victory over China in the first opium war and the subsequent 1842 Treaty of Nanking which allowed the establishment of the Shanghai International Settlement. The city then flourished as a center of commerce between east and west, and became the undisputed financial hub of the Asia Pacific in the 1930s. However, with the Communist Party takeover of the mainland in 1949, the city's international influence declined. In the 1990s, the economic reforms introduced by Deng Xiaoping resulted in an intense re-development of the city, aiding the return of finance and foreign investment to the city.
A financial centre is a global city that is home to a large number of internationally significant banks, businesses, and stock exchanges.
An international financial centre is a non-specific term usually used to describe an important participant in international financial market trading. An international financial centre (sometimes abbreviated to IFC) will usually have at least one major stock market.
In 2011, the Xinhua News Agency of China, partnering with the Chicago Mercantile Exchange and Dow Jones & Company of the United States, released the Xinhua-Dow Jones International Financial Centers Development Index. According to this index, the top ten financial centers in the world are:
The Global Financial Centres Index is compiled by the London-based British think-tank Z/Yen and is published annually by the City of London Corporation. As of 2012, the top ten financial centres according to the Global Financial Centres Index in the world are:
New York Times analyst Daniel Gross wrote:
An example is the alternative trading platform known as BATS based in Kansas City which came "out of nowhere to gain a 9 percent share in the market for trading United States stocks." The firm has computers in New Jersey, two salespersons in New York City, but the remaining 33 employees work in a centre in Missouri.
The Shanghai World Financial Center (SWFC; Chinese: 上海环球金融中心) is a supertall skyscraper located in the Pudong district of Shanghai, China. It was designed by Kohn Pedersen Fox and developed by the Mori Building Company. It is a mixed-use skyscraper, consisting of offices, hotels, conference rooms, observation decks, and ground-floor shopping malls. Park Hyatt Shanghai is the hotel component, containing 174 rooms and suites. Occupying the 79th to the 93rd floors, it is the second-highest hotel in the world, surpassing the Grand Hyatt Shanghai on the 53rd to 87th floors of the neighboring Jin Mao Tower.
On 14 September 2007, the skyscraper was topped out at 492.0 meters (1,614.2 ft), making it, at the time, the second-tallest building in the world and the tallest structure in Mainland China. It also had the highest occupied floor and the highest height to roof, two categories used to determine the title of "world’s tallest building". The SWFC opened on 28 August 2008, with its observation deck opening two days later. This observation deck, the world's tallest at the time of its completion, offers views from 474 m (1,555 ft) above ground level.