Shanghai instance of global city
Shanghai (; Chinese: 上海, Shanghainese: Zaon6he5 [zɑ̃̀.hɛ́] (listen), Standard Mandarin pronunciation: [ʂâŋ.xàɪ] (listen)) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowing through it. The population of the city proper is the third most populous in the world, with 24.89 million inhabitants in 2021, while the urban area is the most populous in China, with 39,300,000 residents. As of 2018, the Greater Shanghai metropolitan area was estimated to produce a gross metropolitan product (nominal) of nearly 9.1 trillion RMB ($1.33 trillion). Shanghai is one of the world's major centers for finance, business and economics, research, science and technology, manufacturing, transportation, tourism, and culture, and the Port of Shanghai is the world's busiest container port.
Originally a fishing village and market town, Shanghai grew in importance in the 19th century due to both domestic and foreign trade and its favorable port location. The city was one of five treaty ports forced to open to European trade after the First Opium War. The Shanghai International Settlement and the French Concession were subsequently established. The city then flourished, becoming a primary commercial and financial hub of Asia in the 1930s. During the Second Sino-Japanese War, the city was the site of the major Battle of Shanghai. After the war, with the CCP takeover of the mainland in 1949, trade was limited to other socialist countries and the city's global influence declined.
By the 1990s, economic reforms introduced by Deng Xiaoping a decade earlier resulted in an intense redevelopment of the city, especially the Pudong New Area, aiding the return of finance and foreign investment. The city has since re-emerged as a hub for international trade and finance; it is the home of the Shanghai Stock Exchange, one of the largest stock exchanges in the world by market capitalization and the Shanghai Free-Trade Zone, the first free-trade zone in mainland China. Shanghai has been classified as an Alpha+ (global first-tier) city by the Globalization and World Cities Research Network. As of 2022, it is home to 12 companies of the Fortune Global 500 and is ranked 4th on the Global Financial Centres Index. The city is also a center for research and development and home to many highly ranked Double First-Class Universities. The Shanghai Metro, first opened in 1993, is the largest metro network in the world by route length. 
Shanghai has been described as the "showpiece" of the booming economy of China. Featuring several architectural styles such as Art Deco and shikumen, the city is renowned for its Lujiazui skyline, museums and historic buildings including the City God Temple, Yu Garden, the China Pavilion and buildings along the Bund, which includes Oriental Pearl TV Tower. Shanghai is also known for its sugary cuisine, distinctive local language and vibrant international flair.Economy
Shanghai has been described as the "showpiece" of the booming economy of China. The city is a global center for finance and innovation, and a national center for commerce, trade, and transportation, with the world's busiest container port—the Port of Shanghai.  As of 2018, the Greater Shanghai metropolitan area, which includes Suzhou, Wuxi, Nantong, Ningbo, Jiaxing, Zhoushan, and Huzhou, was estimated to produce a gross metropolitan product of nearly 9.1 trillion RMB ($1.33 trillion in nominal or $2.08 trillion in PPP), exceeding that of Mexico with GDP (nominal) of $1.22 trillion, the 15th largest in the world.  As of 2020, the economy of Shanghai was estimated to be $1 trillion (PPP), ranking the most productive metro area of China and among the top ten largest metropolitan economies in the world. Shanghai's six largest industries—retail, finance, IT, real estate, machine manufacturing, and automotive manufacturing—comprise about half the city's GDP. As of 2021, Shanghai had a GDP of ¥4.46 trillion RMB ($1.106 trillion in PPP) that makes up 3.69% of China's GDP, and a GDP per capita of ¥179,907 RMB (US$26,747 in nominal or US$44,576 in PPP) In 2021, the average annual disposable income of Shanghai's residents was ¥78,027 RMB (US$12,287) per capita, while the average annual salary of people employed in urban units in Shanghai was ¥191,844 RMB (US$29,736), making it one of the wealthiest cities in China, but also the most expensive city in mainland China to live in according to a 2017 study by the Economist Intelligence Unit. Since 2018, Shanghai has been hosting the China International Import Expo (CIIE) annually, the world's first import-themed national-level expo.
In 2021, Shanghai was the most expensive city in the world. Shanghai was the 5th wealthiest city in the world, with a total wealth amounts to $1.8 trillion, and Shanghai was ranked fifth-highest in the number of billionaires by Forbes. Shanghai's nominal GDP was projected to reach US$1.3 trillion in 2035 (ranking first in China), making it one of the world's Top 5 major cities in terms of GRP according to a study by Oxford Economics. As of August 2022, Shanghai ranked 5th in the world and 2nd in China (after Beijing) by the largest number of the Fortune Global 500 companies in the world.Shanghai was the largest and most prosperous city in East Asia during the 1930s, and its rapid redevelopment began in the 1990s. In the last two decades, Shanghai has been one of the fastest-developing cities in the world; it has recorded double-digit GDP growth in almost every year between 1992 and 2008, before the financial crisis of 2007–08.Finance
Shanghai is a global financial center, ranking first in the whole of Asia & Oceania region and third globally (after New York and London) in the 28th edition of the Global Financial Centres Index, published in September 2020 by Z/Yen and China Development Institute. Shanghai is also a large hub of the Chinese and global technology industry and home to a large startup ecosystem. As of 2021, the city was ranked as the 2nd Fintech powerhouse in the world after New York City.As of 2019, the Shanghai Stock Exchange had a market capitalization of US$4.02 trillion, making it the largest stock exchange in China and the fourth-largest stock exchange in the world. In 2009, the trading volume of six key commodities—including rubber, copper, and zinc—on the Shanghai Futures Exchange all ranked first globally. By the end of 2017, Shanghai had 1,491 financial institutions, of which 251 were foreign-invested.In September 2013 with the backing of Chinese Premier Li Keqiang, the city launched the China (Shanghai) Pilot Free-Trade Zone—the first free-trade zone in mainland China. The zone introduced a number of pilot reforms designed to incentivize foreign investment. In April 2014, The Banker reported that Shanghai "has attracted the highest volumes of financial sector foreign direct investment in the Asia-Pacific region in the 12 months to the end of January 2014". In August 2014, fDi magazine named Shanghai the "Chinese Province of the Future 2014/15" due to "particularly impressive performances in the Business Friendliness and Connectivity categories, as well as placing second in the Economic Potential and Human Capital and Lifestyle categories".
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