Shanghai is the commercial and financial center of mainland China, and ranks fifth in the Global Financial Centres Index published by the City of London. ShanghaiIt was the largest and most prosperous city in the Far East during the 1930s, and rapid re-development began in 1990s. This is exemplified by the Pudong District, which became a pilot area for integrated economic reforms. There are now 787 financial institutions, of which 170 are foreign-invested. The Shanghai Stock Exchange ranks third among worldwide stock exchanges in terms of trading volume and sixth in terms of the total capitalization of listed companies, and the trading volume of six key commodities including rubber, copper and zinc on the Shanghai Futures Exchange all ranked first in the world. In the last two decades Shanghai has been one of the fastest developing cities in the world. Shanghai has recorded double-digit growth almost every year except during the global recession, Shanghai’s total GDP grew to 1.92 trillion yuan (US$297 billion) with GDP per capita of 82,560 yuan (US $12,784). The three largest service industries are financial services, retail, and real estate. The manufacturing and agricultural sectors accounted for 39.9 percent and 0.7 percent of the total output respectively. Shanghai is one of the main industrial centers of China, playing a key role in China’s heavy industries. Heavy industries accounted for 78% of the gross industrial output. China’s largest steelmaker Baosteel Group, China’s largest shipbuilding base – Hudong-Zhonghua Shipbuilding Group, and the Jiangnan Shipyard, one of China’s oldest shipbuilders are all located in Shanghai. Auto manufacture is another important industry. The Shanghai-based SAIC Motor is one of the three largest automotive corporations in China, and has strategic partnerships with Volkswagen and General Motors.