The city of Shanghai is China’s most developed city and the center of the nation’s economy, finance, trade, shipping, and technological innovation. China’s desire to make it an international center of finance and culture has boomed the city in the past few decades. The rapidly growing middle class in China and foreign investors looking to tap the Chinese market find many opportunities in Shanghai.
Shanghai was occupied by the Japanese during the second Sino-Japanese War, and its industrial plants were severely damaged. Before the People’s Liberation Army (PLA) of the Chinese communists took control of Shanghai in 1949, the city’s economy suffered even greater dislocation as small, inefficient shops arose, rampant inflation unfolded, and no overall plan for industrial reconstruction was implemented.
During the period up to 1960, Shanghai’s development was temporarily slowed due to the country’s focus on internal regional development. Shanghai resumed its position as China’s leading scientific and technological research Centre after 1960, when relations with the U.S. cooled.
Below are some fascinating photos by Michael Rank that will take you back to the 1950s in Shanghai.