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Expatriation in Shanghai


I am currently working in Paris and my firm proposed me to work in our Shanghai office.
I would like to know what is the cost of living there, is it cheaper or more expensive than Paris? How much is it for a central flat there?
I found some information but is is 2/3 years old already and I think the prices in shanghai are changing constanlty.

Also, I would like to have feedback from French expats about the differences between a local contract and a French one? on what should I be careful? are there advantages to have a local contract, in terms of taxation for example?

thanks a lot for your advice!