There is a Chinese curse that says, “May he live in interesting times.” If cities can fall prey to curses too, then, without a doubt, the bustling Chinese city of Shanghai is a victim of this one.

Whether they like it or not, the people of Shanghai are living through perhaps their city’s most interesting time. In short, if you’re seeking adventure, shopping, partying, culture and inspiration, all on a budget, then Shanghai is the city of you.

The story of Shanghai is much like the old Hollywood faithful about the innocent little country girl who moves to the big smoke and becomes a star. Unfortunately, her path to stardom is marred by evil Hollywood money men who want to exploit her natural good looks and country charm for their own fame and fortune. Eventually, after trials and tribulations aplenty, she triumphs and becomes a star in her own right, without the money men pushing her on stage, and without anyone holding her hand.

With her past as a small fishing village in the eleventh century and her present as a modern masterpiece, cultural centre and financial hub, Shanghai’s story mirrors the country girl’s. In the mid-nineteenth century, English, French and Japanese colonists all arrived to exploit the city’s valuable portside position and by the 1930s it was the financial centre of Asia.

But the fame was short-lived, and during the communist years, the eyes (and wallets) of the world turned instead to Hong Kong. Since 1992, however, Shanghai has reclaimed its global status and emerged successful, sophisticated and sexy. As China propels into the twenty-first century, Shanghai begins to look much hotter than Hong Kong, which is just what the Chinese Government wants.

This turbulent and culturally diverse history only makes Shanghai more appealing to visitors. Its unique blend of past and future is its most intriguing feature. Amazingly crafted and architecturally outstanding office buildings literally seem to scrape the sky, sitting alongside tiny street stalls where you can buy a fresh and authentic Chinese breakfast for less than a dollar. One bank of the Huangpu River is lined with grand 1930s European buildings and hotels in glorious sandstone. The other is a virtual poster child for the combinations of steel, glass and stratospheric heights that is modern architecture.

In this way, a visit to Shanghai can be akin to experiencing China’s history in a nutshell. Every traveler has to visit the French concession. Like many areas of French colonisation, the concession is set out an easy-to-navigate grid. Although now mostly absorbed into the hustle and bustle of greater Shanghai, the area retains a faded 1930s European charm. Increasingly, its small alleys and quieter backstreets are filled with ex-pat cafes and art galleries that, although expensive, provide a glimpse of the ongoing cultural diversity of Shanghai.

Nestled in this concession is the old girls’ school where, in 1921, Mao Zedong helped found the Chinese Communist Party. The site, now an outrageously propagandist and rather dull museum, marks Shanghai as the birthplace of Chinese Communism. In 1966, the city was selected by Mao as the launch pad for the Cultural Revolution in the hope of transforming it from a symbol of pernicious Western opulence to one of Communist reformation and zealous Maoism.

Today, Mao memorabilia can be bargained down and bought in the Yuyuan Gardens and Bazaar. If you’re lucky, you might even get an original in the Dongtai Lu Antique market.

Fast-forward to 1992, when the city’s most recent makeover into an investor’s dream and property developer’s delight really began. Pudong, on the eastern bank of the Huangpu River is the best example of this. In 1990, the area was nothing more than muddy marshlands supplying vegetables to Shanghai’s markets. Now the area supplies to the global market and is crowded with gleaming silver skyscrapers and hi-tech factories in all shapes and sizes that light up like neon Christmas trees at night.

This penchant for light shows is also on display in the Bund ‘sightseeing tunnel’ that takes visitors under the river. Contrary to its name, the tunnel does not allow one to ‘sightsee’ or even promote places to ‘sightsee’ in Shanghai. Instead, travelers clamber into futuristic train modules and are treated to a bizarre tunnel ride of flashing lights, dancing holograms and bad video-game music.

By far the best way to enjoy the expansive grey of this side of Shanghai is from the warm insides of a Western hotel. Although not privy to the hallowed halls or luxurious lounges of the formidable Hyatt Shanghai, this writer can attest to the quality (and value for money for a hungry backpacker!) of its buffet lunch – enjoyed 54 floors up from the world of commerce and construction and overlooking the misty grey of the river.

Yet, in the true tradition of the newly minted grown up, Shanghai is experiencing some growing pains. The city’s hotpot combination of a uniquely Chinese, agrarian past and its decidedly Western-looking future occasionally causes an awkward and amusing cultural clash.

Nowhere is this better illustrated than in the Xiang Yang Clothes Market where signs that state, “we are collectively responsible for the protection of intellectual property rights” hang, resplendent in red and gold, above a bustling marketplace selling in overwhelming abundance all the fake European watches, wallets and wearables we know and love.

Luckily, my Mandarin-speaking friend was able to disperse many of the vendors of forbidden goods with their oft-repeated call of “Hey lady! Hey lady! Watch? Bag? DVD?” However some were so persistent that our joking demands to buy a cat were met with one man’s earnest promise he would sell us his family cat if we came back at the same time the following day. In spite of our desire to experience all of Shanghai, from early morning to tai-chi to late night cocktails, this was one offer we could refuse!

But the growing pains are part of the city’s charm. For all its grandeur, the quirkiness of the Shanghainese manages to slip through. While out for a dinner one night, our hot steamed dumplings and chicken with chili and pinenuts were not only accompanied by the now familiar noise of fellow diners hocking up phlegm, but by a garishly Western-infused Chinese wedding. With its pink balloon archway and game show-like MC, the wedding, was a corny imitation of the most kitsch Western traditions. Like much of China’s - and Shanghai’s - rapid imitation of the West, something is just not quite right.

These Western-pretenses seem to reveal a city that is still deciding whether to embrace its Chinese heart or Western mind. The result is a city with a skyline than is a more ostensible tribute to capitalism than any skyline in Australia, yet a rather unworldly population where the sight of a blonde, brunette and redhead walking along the river is one to capture on camera.

Despite these growing pains, Shanghai is a truly world-class city on the brink of something beautiful. And although having a Mandarin speaking friend was a definite bonus, the metro is easy to use, taxis are cheap, the street vendors are pleasant rather than pushy; the majority of the street signs are in English and, overall, the city feels safe, not shifty. This feeling is undoubtedly increased by police tips such as, “Avoiding being stolen should always be remembered. Be prepared for danger in times of safety,” and “When getting off with your lover, watch your bag!”

My friends and I were lucky enough to be in Shanghai at Chinese New Year. As we walked home in the wintry cold of our first night, we were greeted by the sounds of fireworks exploding. Everywhere you looked fuschia, lime green and gold sparks lit up the sky and the towering Shanghai skyline.

This amazing, albeit arbitrarily policed, spectacle is an ancient Chinese method for warding off evil spirits and their malicious curses. To me, such warding seems a little premature. If Shanghai wants to keep growing into global superstar it can be, then perhaps the supposed “curse” of interesting times should be allowed to linger just a little longer. Well, at least long enough for me to go back and buy that “genuine” Gucci bag.