Known as the "Paris of the East", Shanghai in the early 20th century laid claim to being the most glamorous, decadent and cultured city in China - and all of Asia. After years of being closed off to the rest of the world, Shanghai is rapidly regaining its reputation as a cosmopolitan city. While Beijing remains the capital, the centre of politics, culture, information and academia, Shanghai is renowned as China's financial centre and a progressive enterprising city open to new ideas.