The gold rush is on in Shanghai
By Allen Wan, CBS.MarketWatch.com
Last Update: 10:22 PM ET Dec. 28, 2003
SHANGHAI (CBS.MW) -- It's not California during the Gold Rush, but Shanghai does have the smell of a place where anything is possible.
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Hundreds of thousands of Americans, Europeans, Japanese and other foreigners are flowing into China's financial capital, transforming the city from what was still a communist backwater back in the late 1980s into an international city that may soon rank up there with New York and London.
The wave of foreign businessmen, bankers and freelancers have been joined by another 3 million Chinese from other provinces, many of whom are migrants jamming into what is already one of the most crowded cities in the world.
"Basically, Shanghai is very hot, and lots of people are moving here -- companies, migrant workers, foreigners," said Bob Dodds, vice president at investment bank China International Capital Corporation.
Dodds, a New York native and a longtime China resident, has had a bird's-eye view of the changes, having arrived in Shanghai back in 1988 as a student at one of the local universities. Now as a senior banker at one of the country's top banks, Dodds gets flooded with résumés from the best and the brightest -- many of whom could work anywhere in the world but choose to take lower pay for a piece of the action in China.
cbs.marketwatch.com |
