Shanghai Stock Exchange Composite Index (SSEC)

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$SSEC closed at 5032 above 5000. We know that we have the best global economy which we have seen and the best is yet to come....

5,032.49 3:00AM ET Up 52.42 (1.05%) 4968.33 - 5050.38

Shanghai situated on the banks of the Yangtze River Delta in East China, is the largest city of the People's Republic of China and the seventh largest in the world. Widely regarded as the citadel of China's modern economy, the city also serves as one of the nation's most important cultural, commercial, financial, industrial and communications centers. Administratively, Shanghai is a municipality of the People's Republic of China that has province-level status. Shanghai is also one of the world's busiest ports, and became the largest cargo port in the world in 2005.[1]

Originally a fishing town, Shanghai is currently one of China's most important cities. The city often reflects the pop culture, intellectual advances and political systems of the Republic. In the late nineteenth century and early twentieth century, Shanghai was the third largest financial center in the world, ranking after New York City and London, and the largest commercial city in the Far East . After the communist takeover in 1949, Shanghai languished because the central government taxed heavily and foreign investments ceased, purging the city of its "bourgeois" elements. In 1992, the central government authorized market-economy which redeveloped Shanghai. Now, the city has surpassed early-starters Shenzhen and Guangzhou, leading China's skyrocketing economic growth. Although challenges such as economic disparity and migrant workers remain to be overcome, Shanghai's prosperous economy and lifestyle represents China's recent economic development.