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Shanghai - is the largest Chinese city by population[9][10] and the largest city proper by population in the world.[11] It is one of the four direct-controlled municipalities of the People's Republic of China, with a population of more than 24 million as of 2014.[5] It is a global financial center,[12] and a transport hub with the world's busiest container port.[13] Located in the Yangtze River Delta in East China, Shanghai sits on the south edge of the mouth of the Yangtze in the middle portion of the Chinese coast. The municipality borders the provinces of Jiangsu and Zhejiang to the north, south and west, and is bounded to the east by the East China Sea. In the last two decades Shanghai has been one of the fastest developing cities in the world. Since 1992 Shanghai has recorded double-digit growth almost every year except during the global recession of 2008 and 2009.[70] In 2011, Shanghai's total GDP grew to 1.92 trillion yuan (US$297 billion) with GDP per capita of 82,560 yuan (US $12,784).[7] 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.[66] Average annual disposable income of Shanghai residents, based on the first three quarters of 2009, was 21,871 RMB.