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SHANGHAI (AP) -- A topping out ceremony was held Saturday 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 fueled 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.

The Shanghai Tower is the last piece in a group of super-tall skyscrapers in Shanghai's Pudong, which includes the Shanghai World Financial Center and Jin Mao Tower, both among the tallest in the world.

And in the south-central city of Changsha, developers are in the midst of building Sky City, an 838-meter (2,749-foot) structure that would overtake Burj Khalifa.

This summer, China also unveiled the world's largest building in terms of floor space in the western city of Chengdu. The New Century Global Center edged out the previous record-holder, the Dubai airport.

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