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The answer is Shanghai. I just googled "Paris of the Orient" and a factual article came up about Shanghai. Hope this helps!

They say Beijing [Images] is all about power while Shanghai is all about money. Two factors combined to make Shanghai that way. First, the city was 'internationalised' by marauding European traders in the 19th century. Second, the Shanghainese are the banias of China, money-savvy masters of business. The Shanghainese language, Shanghainese cuisine, Shanghainese self confidence, Shanghainese view of life -- everything about the Shanghainese make them different from other Chinese. Today Shanghai is recognised as China's smartest city as well as its financial capital, its industrial heartland, its fashion centre, the 'Paris of the Orient'.

http://www.rediff.com/news/2008/aug/05tjs.htm

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Q: Which port city was known as the Paris of the Orient in the 1920's?
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