Under the Communists, Shanghai's businesses were nationalized and most foreign firms moved their offices from Shanghai to Hong Kong. The city also fell out of favour with the political elite until the Cultural Revolution, when Mao Zedong decided to make it the new power base. Shanghai was a centre of Cultural Revolution until Mao's death in 1976.
The fortunes of Shanghai have been revived in the result of the great reforms started in 1978. Supported by the government as the 'dragon's head' of China's economic development, Shanghai has attracted massive investments. Its economy has increased by over 10% for 15 consecutive years. This huge development and urban regeneration is still seen today.
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