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Originally a fishing village and market town, Shanghai grew in importance in the 19th century due to both domestic and foreign trade and its favorable port location. The city was one of five [[treaty ports]] forced to open to European trade after the [[First Opium War]] which ceded [[British Hong Kong|Hong Kong]] to the [[United Kingdom]], following the [[Second Battle of Chuenpi]] in 1841, more than 60 km (37 mi) east of the Portuguese colony of [[Portuguese Macau|Macau]] that was also controlled by [[Portugal]] of the [[Luso-Chinese agreement|Luso-Chinese agreement of 1554]]. The [[Shanghai International Settlement]] and the [[Shanghai French Concession|French Concession]] were subsequently established. The city then flourished, becoming a primary commercial and financial hub of Asia in the 1930s. During the [[Second Sino-Japanese War]], the city was the site of the major [[Battle of Shanghai]]. After the war, the [[Chinese Civil War]] soon resumed between the [[Kuomintang]] (KMT) and the [[Chinese Communist Party]] (CCP), with the latter eventually [[Shanghai Campaign|taking over the city]] and most of the mainland. From the 1950s to the 1970s, trade was mostly limited to other socialist countries in the [[Eastern Bloc]], consequently causing the city's global influence to decline during the [[Cold War]].
Major changes of fortune for the city would occur when [[Chinese economic reform|economic reforms]] led by the country's [[paramount leader]] [[Deng Xiaoping]] during the 1980s resulted in an intense redevelopment and revitalization of the city by the 1990s, especially the [[Pudong]] New Area, aiding the return of finance and foreign investment. The city has since re-emerged as a hub for international trade and finance. It is the home of the [[Shanghai Stock Exchange]], one of the [[List of stock exchanges|largest stock exchanges in the world]] by market capitalization and the [[Shanghai Free-Trade Zone]], the first [[free-trade zone]] in mainland China. Shanghai has been classified as an Alpha+ ([[Global city|global first-tier]]) city by the [[Globalization and World Cities Research Network]]. As of 2022, it is home to 12 companies of the [[Fortune Global 500#Fortune Global 500 of 2021|''Fortune'' Global 500]] and is ranked 4th on the [[Global Financial Centres Index]]. The city is also a global major center for [[List of cities by scientific output|research and development]] and home to numerous [[Double First-Class Construction|Double First-Class Universities]]. The [[Shanghai Metro]], first opened in 1993, is the [[List of metro systems|largest metro network]] in the world by route length.In 2023, it ranks the 10th of the [[Global Innovation Hubs Index]].<ref>{{Cite web |title=Global Innovation Hubs Index 2023 |url=https://www.nature.com/articles/d42473-023-00420-1 |access-date=2024-03-31 |publisher=Nature |date=November 22, 2023}}</ref>
Shanghai has been described as the "showpiece" of the [[economy of China]]. Featuring several architectural styles such as [[Art Deco]] and [[shikumen]], the city is renowned for its [[Lujiazui]] [[List of skyscrapers in Shanghai|skyline]], museums and historic buildings including the [[City God Temple of Shanghai|City God Temple]], [[Yu Garden]], the [[China Pavilion]] and buildings along [[the Bund]], which includes [[Oriental Pearl Tower]]. Shanghai is also known for its [[Shanghai cuisine|sugary cuisine]], [[Shanghainese|distinctive local language]], and international flair. Shanghai ranks sixth in the [[list of cities with the most skyscrapers]] and it is one of the biggest economic hubs in the world.
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