Shanghai: New York of the East
Posted on 07. Nov, 2012 by S M Hali in World News
By S. M. Hali
Currently I am touring China to cover the 18th National Congress of the Communist Party of China (CPC), which will usher the change in the civilian leadership hierarchy at its conclusion. The last party changes were seen at the 16th Party Congress in 2002, when Hu Jintao took over as the Party Chief and thereafter in 2003 as President of the People’s Republic of China (PRC). Commencing on November 8th, the congress will review the Party's work over the past five years as well as what the Party has implemented since the 16th CPC National Congress. In my next article, an eye-witness account will be presented after the inauguration of the congress; this piece is dedicated to Shanghai, a city I had longed to explore for decades, having toured most of mainland China, finally I have the opportunity.
It is a unique experience, since Shanghai resembles most of the modern western metropolis and reminds one of “The Big Apple”, New York, with its towering skyscrapers, elegant bridges and contemporary architecture, except that it is cleaner. It boasts of some of the tallest buildings in the world, with distinctive space-age structural designs. Since it is inhabited by a cosmopolitan mix of races, it is heartening that some of the ancient style of structure have been retained, for example the French, Soviet, German and British. It has changed many hands owing to its strategic location as a trading, commercial and industrial center. British forces occupied Shanghai after their victory in the First Opium War (1839–1842). The Treaty of Nanjing (1842) allowed the British to dictate opening the treaty ports, including Shanghai for international trade. The Treaty of the Bogue (1843) and the Sino-American Treaty of Wanghia (1844) forced Chinese concession to European and American desires for visitation and trade on Chinese soil. Britain, France, and the United States all carved out concessions for themselves and have left their distinctive mark on the city. The 1920s and 1930s witnessed the exodus of almost 30,000 Russians and Russian Jews, who fled Soviet Union to take up residence in Shanghai. Japan conquered mainland China after defeating it during the Sino-Japanese War (1937) and built the first factories in Shanghai, which were soon copied by other foreign powers, making Shanghai the most important financial center in the Far East. All this international activity gave Shanghai the nickname "the Great Athens of China". Some people liken Shanghai to “Paris of the East” but to me it reminds of New York.
After the advent of PRC in 1949, most foreign traders moved to Hong Kong but the CPC honoured the venue of its birthplace as the first national congress of the CPC was convened in Shanghai on July 23, 1921. Taking cognizance of the importance of this trading and commercial center, CPC provided it the impetus to become a flourishing megalopolis. It has been rightly described as the "showpiece" of the booming economy of PRC. A lot of thought went into the selection of the design for the emblem of Shanghai, which comprises a triangle, encompassing a white magnolia flower, a large junk and a propeller. Since the white magnolia is among the few spring heralding flowers in the Shanghai area, has large white petals, delicate fragrance and its eye always looks towards the sky, it was prudently adopted as the city flower to personify the pioneering vitality and enterprising spirit of the city. On the emblem the large junk, one of the oldest vessels plying the Shanghai harbor, depicts the long history of the port, while the propeller symbolizes the continuous advancement of the city.
Shanghai boasts of being one of the fastest developing cities in the world. Since 1992 Shanghai has recorded double-digit growth almost every year except during the global recession of 2008 and 2009. In 2011, Shanghai's total GDP grew to 1.92 trillion Yuan (US$297 billion) with GDP per capita of 82,560 Yuan (US $12,784). Shanghai has one of the best education systems in China. It is the first city in the country to implement 9-year mandatory education. The Shanghai Stock Exchange (SSE) was founded in 1990, its membership institution being directly governed by the China Regulatory Commission, the SSE has 931 companies on its list, with a total market capitalization of RMB 14, 837 .622 billion. It is China’s national strategy to transform Shanghai into a leading international financial center by 2020. The hubbub of financial activity and rapid development projects bear witness to this endeavour.
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S M Hali
