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Once a fishing and textiles town, Shanghai grew in importance in the 19th century due to its favorable port location and was one of the cities opened to foreign trade by the 1842 Treaty of Nanking. The city then flourished as a center of commerce between east and west, and became the undisputed financial hub of the Asia Pacific in the 1930s. However, with the Communist Party takeover of the mainland in 1949, the city’s international influence declined. In the 1990s, the economic reforms introduced by Deng Xiaoping resulted in an intense re-development of the city, aiding the return of finance and foreign investment to the city.