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"During this critical period of rebooting the economy, we decided to host this festival covering all online and offline businesses ... to unlock consumption potential and boost consumption confidence," acting Mayor Gong Zheng said during Monday's official launch, which was called the Global Promotion Convention of Shanghai as an International Shopping Magnet.

"During the process of deepening supply-side structural reform in the financial sector, the CBIRC kept improving the efficiency of financial resource allocation, strengthening credit support to key areas and weak links in the economy, and stepping up the efforts to serve the real economy," said Liu Zhiqing, deputy director-general of the statistics IT and risk surveillance department of the CBIRC, the country's top banking and insurance regulator.

"E-commerce has proved to be an efficient way to enrich both villagers' material and spiritual lives," said Sun Xueping, the Party secretary of Sunzhuang village in Daiji.

"Developing metropolitan areas will support the urbanization process, which requires cities to further open up, and shift their functions from manufacturing-oriented development to high-quality services. Some key areas include information technology and the knowledge-based economy," he said.

"Even though the labor costs in the US are much higher than in China, if we can utilize automation and higher volume, then we can save on costs from having to ship from China," he said.