Shanghai kicks off 7th city-wide shopping festival

Shanghai has kicked off its Double Five Shopping Festival ahead of the May Day Holiday, with coupons worth around 200 million yuan, about 29.2 million U.S. dollars, to be released during the festival this year.

Jointly hosted by the Ministry of Commerce, China Media Group, and the Shanghai Municipal People's Government, it is part of the efforts to promote consumption as China made expanding domestic demand a top priority for economic work in 2026.

Shanghai is one of the world's major consumption centers. As more international travelers arrive in Shanghai under the visa-free policy, the city is also introducing new measures to encourage them to shop.

"Jing'an District, particularly along West Nanjing Road, has always been a key destination for inbound tourists. We already have more than 800 shops supporting the tax-free shopping program, and our goal for this year is to reach 1,000. Second, we are also working to create a convenient 'five-minute tax-free shopping zone.' For example, we have self-service tax refund machines on West Nanjing Road," said Xia Lin, Deputy Director of the Commerce Commission of Jing'an District, Shanghai.

"Specifically, at our Pudong International Airport, we have introduced exclusive duty-free shopping coupons that can be used immediately upon purchase for inbound travelers. Furthermore, since arrival times vary by international flight, we distribute these coupons in three daily time slots - from early morning through midday to evening - ensuring that inbound travelers on different flights all have the opportunity to enjoy the benefits of these coupons," said Liu Xuelian, Director of the Office of Consumption Promotion, Commerce Commission of Pudong New Area, Shanghai.

This is the festival's seventh edition and features five major areas, including culture, exhibitions, tourism, sporting activities, debut economy, and bulk consumption.

The event will cover both the May Day holiday and also the Dragon Boat Festival celebrated on the fifth day of the fifth month of the Chinese lunar calendar and falling on June 19 this year.

Shanghai kicks off 7th city-wide shopping festival

France's gross domestic product (GDP) stalled in the first quarter of 2026, recording zero growth from the previous quarter, according to preliminary data released on Thursday by the National Institute of Statistics and Economic Studies (INSEE).

The stagnation came as final domestic demand excluding inventories remained sluggish. Household consumption edged down 0.1 percent in the first three months of the year, a reversal from the 0.4 percent growth seen in the fourth quarter of 2025. Meanwhile, gross fixed capital formation also fell back by 0.4 percent.

Foreign trade exerted a strong negative contribution to GDP growth in the first quarter, subtracting 0.7 percentage point after adding 0.6 point in the previous quarter. This downturn was driven by a sharp 3.8 percent drop in exports, while imports also continued to decline, falling 1.7 percent.

In contrast, changes in inventories provided a strong positive contribution of 0.8 percentage point, rebounding from a negative 0.7 percentage point in the fourth quarter of 2025. The INSEE said the inventory build was driven mainly by aerospace products.

Total production of goods and services remained sluggish in the first quarter, rising by 0.1 percent after a 0.2 percent increase in the fourth quarter of 2025.

France's GDP stalls in Q1 2026 as foreign trade drags