Shanghai launches consumption campaign

Shanghai officially launched a massive consumption-boosting campaign on Monday as merchants gave shopping coupons to spur spending and resuscitate the economy temporarily hampered by the novel coronavirus.

Dubbed "May 5 Shopping Festival", the fair attended by the city's Party Chief Li Qiang also kicked off the Global Promotion Convention of Shanghai as an international shopping magnet.

The event, under the municipal government, will run through the entire May and June, spanning key festivals such as Labor Day, Children's Day, and the Dragon Boat Festival.

"During this critical period of rebooting the economy, we decide to host this festival covering all online and offline businesses …… to unlock consumption potential and boost consumption confidence," said Acting Mayor Gong Zheng during the opening ceremony.

Business executives from 20 companies including Tesla, L'Oreal, Alibaba and Tencent also shared their special offerings throughout the gala.