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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 Port s, and became the largest cargo port in the world in 2005. List Of The Busiest Ports In The World Originally a fishing town, Shanghai became China's most important city by the twentieth century and was the center of Popular Culture , intellectual discourse and political intrigue during the Republic Of China era. In the late Nineteenth Century and early Twentieth Century , Shanghai became 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 due to heavy central government taxation and cessation of foreign investment, and had many of its supposedly " Bourgeois " elements purged. Following the central government's authorization of Market-economic redevelopment of Shanghai in 1992 , Shanghai has now surpassed early-starters Shenzhen and Guangzhou , and has since led China's economic growth. Some challenges remain for Shanghai at the beginning of the 21st century, as the city struggles to cope with increased worker migration, a huge wealth gap, and environmental degradation. Despite these challenges, Shanghai's skyscrapers and modern lifestyle are often seen as representing China's recent Economic Development . ORIGIN OF NAME SPORTS TEAMS Professional sports teams in Shanghai include:
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