Shanghai, a New Bubble in the World

Which city is the hottest city in the world nowadays? Somebody will say New York, or somebody will say Tokyo; however, David Ignatius will tell you it should be Shanghai of China. According to the article "Come See the Shanghai Bubble" written by David Ignatius, "The world's other bubbles may have deflated, what with Europe and America sagging again, Japan still flat on its back and an anti-dollar contagion spreading. But here(Shanghai) in China, these worries seem far, far away." Although David thinks, "The Shanghai bubble will eventually burst, as all bubble do", Shanghai is still very attractive for a lot of people. Overseas Chinese and foreign people from various countries are racing to join this "gold rush". Nevertheless, there are some weaknesses in this city. The estimation by Economist two weeks ago showed us that 30 percent to 50 percent of Chinese loan might be insolvent; and even worse, it's impossible to know. David considers that "The only way China can keep the bubble growing is to continue down the path of reform — to make its economy more open, more transparent, better regulated, less corrupt." I agree with David's standpoint about Shanghai Bubble. In addition, I believe with a good starting, absorbing some useful experience from other bubbles, and better management by Chinese government, Shanghai will have a better future and become a great bubble in the world.
Shanghai is a city built by both western culture and Chinese government. Open the history book about Shanghai, we will see Shanghai used to be the foreign concession of some European countries. At the same time of they occupied Shanghai, they also developed this city. Although they could employ lower priced workers to make more money, they built many factories in the old Shanghai. In addition, they also brought some advanced technology and better education to this city. Even now, there still hav…

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