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Depends on the industry and product:

Beijing is where all the politicians are, and for privitization and deals involving state officials, thats where you would need to be

Shanghai is where the stock market is based and where most of the banks have their Chinese headquarters. For the long term, definitely Shanghai, but in the next 2 years when China's large state-owned companies are still going to market, there'll be plenty of work in Beijing

 

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