Nice Youth Hostel right in the downtown. It's on the old french neighborhood.
It's quiet, clean and with big spaces to have rest. Free wifi and they speak good english.
The location it's a bit obscure, you have to go to 319 Jiaozhou Road, and then walk trhough an alley where you will find it.
In the surrounds you have a big mall and varied occidental places to eat.
Buses to Hongqiao International Airport are about 15 mins walking from the hostel, near the shopping mall.