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Thread: Learn on Shanghai In Depth

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[quote=COOLSPRINGS,290680]At the beginning of a new millennium, then, Shanghai has an air of prosperity and aggressive optimism that it has rediscovered from the heady days of the wealthy foreign concessions. Today's business, both domestic and foreign, has made Shanghai quite wealthy by Chinese standards, with rising salaries creating an increasingly affluent middle class. The latter is comprised mostly of white-collar managers, many of whom earn upwards of ¥100,000 ($12,500) a year. As China's longtime center of shopping, there are also plenty of upscale places to dispose of the increased income. Residents are not only forward-looking and business-oriented, but fashionable. Shanghai is a city of boutiques, malls, and up-to-date department stores. Year by year, it is catching up with Hong Kong as one of Asia's paradises for shoppers. Everything is writ large here. Shanghai is not only home to China's first and largest stock exchange, it also contains over two dozen McDonald's, 50 KFCs, over 46 Starbucks, and over one million mobile phone users -- not to mention the world's second largest department store and the tallest hotel on Earth. With prosperity, even sales of the venerable bicycle, formerly the chief means of transport in the city, have declined (from one million sales in Shanghai in 1990 to less than half that today). Meanwhile, the streets are crowded with over 600,000 vehicles (including 45,000 taxis) and 280,000 motorcycles.

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