The Williams sisters are level with Switzerland's Martina Hingis and Justine Henin of Belgium.
Hingis, seeded seventh, looked out of sorts in her fifth tournament since her operation in May.
For the second time Hingis serves a double fault while serving to close out the match.
In the post-match news conference, Hingis repeated her belief that she had failed to produce her best form.
Hingis, who has been suffering with a hip injury, said she probably should have missed this year's Championships.
Hingis lost just three service points as she reeled off a five-game winning streak to take the set.
Hingis goes on to face Colombia's Catalina Castano, who upset sixth seed Li Na of China 6-4 1-6 6-2.
She follows the likes of Amelie Mauresmo, Martina Hingis and Tracy Austin as a winner of the junior singles title.
Hingis was also highly criticised for the manner of her defeat to Steffi Graf in last year's French Open final.
The second seed committed 40 unforced errors to just 10 for Hingis and she struggled with her usually reliable serve.
Hingis insisted she is relaxed about her on-court prospects after coming out of retirement to complete a full season in 2006.
When Lindsay secured her first break point after an hour and four minutes, Hingis crumbled under the first sign of pressure.
That's a total only bettered by Steffi Graf (377), Martina Navratilova (332), Evert (260), Martina Hingis (209) and Monica Seles (178).
Hingis endured a nervous second set, letting a 4-1 lead slip and wasting two match points on Safina's serve at 5-3.
If her fragile confidence has taken a battering in Shanghai, names like Venus, Capriati, Hingis and Mauresmo could do further damage.
From 2-2 in the second set, Hingis ran off the last four games with a lot of help from Davenport errors.
Hingis, a five-time Grand Slam champion and former Wimbledon winner, announced her retirement from the sport at the time the allegations emerged.
When she returned for the presentation Hingis was in tears and she admitted she had only come back on her mother's insistence.
Neither did Martina Hingis, Justine Henin, Venus Williams or Lindsay Davenport.
Tennis star Martina Hingis became the first famous face to be voted off, beaten in a dance-off by Crimewatch presenter Rav Wilding.
The last match was Davenport's straight sets triumph in the final of this year's Australian Open, and Hingis is keen for revenge.
Granville broke at the start of the second set and Hingis failed to convert any of four break points at 3-2 down.
Hingis and Davenport were scheduled to meet in the final of the Scottsdale, Arizona, tournament March 4, but it was rained off.
After the two players traded five breaks to open the match, Hingis double-faulted away the next game to give Dementieva a 4-3 lead.
She won her first 26 matches of the season, the longest streak to start a year in women's tennis since Martina Hingis in 1997.
But Hingis went some way to proving them wrong by claiming her 41st and 42nd WTA Tour titles and rising to world number seven.
Hingis was brimming with confidence against her early opponents Monica Seles and Mary Pearce, but once again her old rival Davenport proved her nemesis.
Hingis returned to the Tokyo final this year, where she was heavily beaten by Elena Dementieva, but in general her comeback has surpassed expectations.
In so doing, she joins Lindsay Davenport and Martina Hingis as the only players to become singles and doubles world champions in the same year.
Over the years other players like the Williams sisters, Martina Hingis and Monica Seles have enjoyed more success on-the-court, but none of them could touch Sharapova off-the-court.
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