Shantou was one of many vibrant treaty ports set up in 1858 and by the 1930s, it became the 3rd largest port in China. However, unlike Xiamen and Shenzhen which were revitalized under the Special Economic Zone policies of the 1980s, Shantou's economy never quite achieved the level of prosperity of its wealthier neighbors.
You can still see remnants of old buildings and architecture of a bygone era in Old Town, located on the western part of central Shantou. Sadly, it is in a dilapidated state with most of the lovely historic buildings left in ruin condition, seemingly like a European city that has been bombed. They are slowly being torn down and replaced with ugly modern buildings, so see it while you can. For more information of Old Town, see http://blog.chinatravel.net/destinations-attractions/china-through-my-lens-shantous-vanishing-treaty-port-architecture-with-sue-anne-tay.html.