The tragedy occurred just before midnight, on December 31, while the Bund area was packed, the crowd gathered it is to celebrate the arrival of the New Year; the statement of local government.
An investigation was initiated to elucidate the causes of the accident, the statement said, adding that the leaders of the municipality requested that every effort be made to treat the 48 injured, suggesting that the review of 35 deaths was perhaps not final.
The official news agency Xinhua quoted a witness saying that coupons, similar to dollars, had been thrown from a window of a third floor and passersby rushed to pick them up.
The reasoning behind the throwing of the coupons is not entirely known yet, but the authorities are looking into if any malicious intent was meant by the act.
The Bund, famous for its pre-revolutionary architecture, is located in the old commercial and financial district of Shanghai. The promenade along the Huangpu River is now a very touristy place that has many restaurants and boutiques.