The city has also undergone extensive physical changes with the establishment of industrial suburbs and housing complexes, the improvement of public works, and the provision of parks and other recreational facilities. Shanghai has attempted to eradicate the economic and psychological legacies of its exploited past through physical and social transformation to support its major role in the modernization of China. S hanghai's large and highly skilled work force, broadly based scientific establishment, tradition of producer cooperation, and excellent transportation and communications facilities have all contributed to the city's stature as the leading industrial centre in China. This industrial establishment produces a great variety of capital and consumer goods, including specialized dies, lathes, electronic assembly equipment, watches, cameras, radios, fountain pens, glassware, leather goods, stationery products, and hardware. The city's well-established chemical and petrochemical industries serve as a basis for the production of plastics, synthetic fibres, and other products.
Textile manufacturing is also significant.
S hanghai is also one of China's leading centres of higher education and scientific research. The area has numerous universities and several technical and higher education institutes, including the famous Fudan and Jiao Tong universities. Research and development are conducted at the Shanghai branch of the Chinese Academy of Sciences, the Shanghai Commision of Science and Technologies and various universities. S hanghai has long enjoyed the stature of being the financial center of China. Today, Shanghai is the home of China's first and foremost stock exchage, the Shanghai Stock Exchange.