article Shanghai as a Rich City for Globalization
I will pay for the following article Shanghai as a Rich City for Globalization. The work is to be 7 pages with three to five sources, with in-text citations and a reference page. Afterwards, there was the onset of the pacific war in late 1941 and the aftermath of World War II and the civil war in 1945-1949. This was when Shanghai started experiencing a downfall in globalization.
After everything happened, the people of the Republic of China and the most foreign corporations relocated to Hong Kong in the name of an exodus of foreign investment. This happened after the People’s Republic of China was declared in the year 1949. At this time, Hong Kong thrived while Shanghai fell into historical oblivion. That is when the “Pearl of the Orient” lost its position as East Asia’s main financial centre.
But in the 1950s and 1960s, shanghai went through a transformation, and it became an industrial centre. Things in Shanghai changed after China came back to its open-door policy in the early 1980s. For instance, investment and a resurgence of trade came up after decades of neglect. This showed that shanghai had a rapid nature of recovering and moving forward in globalization. That is why it had to get support from the government to recover fully (Liu, 756).
Later there was a great transformation that was evident in the early 1990s. That is when Deng Xiaoping declared that Shanghai would be “the head of the dragon”, drawing the country into the future. Another factor that helped shanghai to restore was the development of the Pudong. The development of Pudong gave great help to the restoration of shanghai city. It helped restore Shanghai’s historical significance for the Yangtze River Delta and, mostly, for China. With this in mind, the city of shanghai came back to its normal state of being globalized and owning its former position (Zhu, 324). With the improvement in finance, education, political stability, and economic growth, the City of Shanghai was back and shining as always and leading the rest of the country and the world.
Shanghai and Hong Kong have been reviewed as rival cities for the economic centre of the Greater China region since the early 2000s. The city of Hong Kong had lower taxes and a fully convertible currency than Shanghai.