The twentieth century belonged to New York but with the (0) MASSIVE changes to the global economy it is Shanghai which will be the new New York of the twenty-first century. Shanghai has become one of the world’s top cities in a little more than a decade. It is the economic capital of China and now rivals any city in the world as an economic, 1FINANCE and business centre. Its port is one of the 2BUSY in the world, second only to Singapore and Rotterdam. The economy in Shanghai is based on finance, banking, manufacturing and high-tech industries. Huge amounts of 3INVEST from abroad have helped make this possible and there are an 4INCREASE number of foreign businesses setting up bases in the city. Well-known luxury brands are now opening shops in the city too, attracting millions of 5TOUR. On the negative side, the price to pay for all this 6GROW is that rush hour traffic jams and 7POLLUTE are causing enormous problems. Shanghai is 8APPARENT a sophisticated, cosmopolitan city but there is a lot of poverty and inequality; the gap between the richest and poorest is huge. China used to be one of the most equal countries in the world but the situation is now even worse than in India.