After the founding of the People's Republic of China, Tianjin suffered a depression due to the policy of the central government and 1976 Tangshan earthquake, but recovered from 1990s.[11] Nowadays Tianjin is a dual-core city, with its main urban area (including the old city) located along the Hai River, which connects to the Yellow and Yangtze Rivers via the Grand Canal; and Binhai, an adjacent New Area urban core located east of the old city, on the coast of the Bohai Gulf. As of the end of 2010, around 285 Fortune 500 companies have set up base in Binhai. Since 2010, Tianjin's Yujiapu Financial District has become known as China's Manhattan [12][5] and the city is considered one of the world's top 100 cities, including in the Global Financial Centres Index.[14] Tianjin is ranked as a Beta (global second-tier) city by the Globalization and World Cities Research Network.[15]