Civic Envy

If you want a sure-fire conversation killer in Shanghai, mention the 2008 Olympics being hosted by Beijing. Shanghai residents are so sick of hearing about their northern neighbor's success that local officials had to be reminded to put up signs congratulating Beijing after it nabbed the Games last year. Now, Shanghai has a marquee event of its own to celebrate. Last week, the city won the right to host the 2010 World Expo—adding another bauble to its gaudy and growing list of tourist attractions. Already under construction is the world's first commercial magnetically-levitated train line. Shanghai also aims to develop the world's tallest building by 2007, and last week, the city was reportedly close to landing a deal for a Universal Studios theme park. But Beijingers can still sneer at Shanghai's latest coup. The Expo ain't the Olympics. The 2000 Expo in Hanover lost $1 billion due to a shortage of visitors, and some fear the venerable exhibition is becoming an anachronism. Shanghai officials are jubilant nonetheless. The city attracted nearly $4.5 billion in foreign investment last year, and the Expo, they say, will only accelerate the money flow. Cold, hard cash trumps a bevy of pole-vaulters any day.