Today you can find expats and nouveau riche Chinese alike partying like it's 1929, though the soundtrack is less jazz and more beats spun by globetrotting DJs. Nonetheless, jazz is resurgent, drawing on both history and the energy of young players. Rock clubs are increasingly common, with Chinese bands and international acts alike finding increasingly eager audiences.

Check out rock at 4 Live, Yuyintang or Live Bar and jazz at JZ Club, the Cotton Club or the House of Jazz and Blues. DJs spin all over town and on any given night you can hear retro sounds, hip-hop, dance pop and all kind's of electronica. Hit the dance floor at big clubs like BonBon or more intimate spots like Mint, lounge with a cocktail in chic spaces like Bar Rouge and hedonistic hangouts like the California Club. KTV (karaoke) is big with the locals and outgoing foreigners. Don't let a lack of Mandarin keep you away—any decent KTV joint should have English songs on tap. KTV is everywhere; Partyworld in Puxi and Pu-J's Podium in Pudong are good bets.

If you're after drinks sans loud music, Shanghai has it covered, from posh lounges to no-nonsense dives. Take in the view from the Bund with a cheap draft beer (Captain Bar) or an elegant cocktail (Glamour Bar). Party in People's Square at Barbarossa, enjoy the ambience of the old French Concession at Face Bar, or toast the town from the world's highest lounge at Cloud 9.

Shanghai has done a lot recently to promote the performing arts, building world-class spaces like the Oriental Art Center and Shanghai Grand Theatre. Western performances tend toward the tried-and-true—popular symphonies, operas, ballets and Broadway hits. More interesting are the Chinese performing arts, including acrobatics, Chinese opera, folk music, dance and theater. Many venues project English subtitles with stage performances, though shows without them can be enjoyable for the costumes, dance and gestures alone. Shanghai's acrobats need no translation—witness stunning feats of balance and strength at Shanghai City Center Theatre or Yunfeng Theatre. Shanghai's underground theater scene is growing, too, and though the language barrier may be high, the adventurous can find edgier performances at spaces like Downstream Garage. Shanghai also hosts its own Fringe Festival, drawing innovative theater and dance from around the world.

From the super-optimistic take on the near future on view at the Shanghai Urban Planning Exhibition Center to the Shikumen Open House Museum's depiction of vanishing architectural heritage, visitors can get a good sense of Shanghai's ongoing story. Greater China's long history is well represented at the Shanghai Museum by impressive collections of jade, calligraphy, paintings and other artifacts. Smaller museums like the Shanghai Propaganda Poster Arts Center provide fascinating glimpses of times gone by.

In the plastic arts, Shanghai lags behind Beijing, but a slew of quality small museums now complement the large Shanghai Art Museum. The Shanghai Museum of Contemporary Art, the Doland Modern Art Museum and Zendai Museum of Modern Art—all new since 2002—are worth visiting. Add a lively gallery scene and the development of emerging art spaces like Moganshan Lu and the future looks bright, though the scene's over-the-top commercialism does raise questions about quality and sustainability.