World's second-tallest building nears completion in Shanghai; second only to Dubai building

A topping out ceremony has been held for China's tallest building in the financial hub of Shanghai.

At 632 meters (2,073 feet), the Shanghai Tower in the city's Pudong district is the world's second-tallest building, surpassed only by Dubai's Burj Khalifa, which soars 829.8 meters (2,722 feet).

Topping out means the final beam has been placed at the top of the building. Once completed next year, the Shanghai Tower will have retail and office space, and a luxury hotel. It was designed by the U.S. architectural firm Gensler.

China's booming economy has fuelled a building frenzy, including some of the world's tallest buildings. The Shanghai Tower replaces the Shanghai World Financial Center — completed in 2007 — as the country's highest building.