I have lived in Shanghai for 6 years. My youngest son was born here. My two eldest go to primary school. The school options are fantastic here. Healthcare is good - certainly no problems for routine stuff. Doctors are all expats from US/Europe/Oz.
Shanghai is a wonderful city to spend time in (provided you can deal with being an expat - it's not for everyone). I also lived in Shenzhen for a year. While that was a long time ago, I'd choose Shanghai every time. Sure Hong Kong was a draw but it you want to live there just live there.