Shanghai's annual Yuyuan Garden Lantern Festival in full swing with dazzling displays

The annual Yuyuan Garden Lantern Festival in Shanghai is in full swing, lighting up the city with dazzling displays and intricate lanterns that bring a festive spirit to life and kicking off a month of celebrations.

This year's event, themed "All Creatures Wonderful," showcases beautifully crafted lanterns inspired by ancient Chinese mythology, such as "The Classic of Mountains and Seas". One of the most popular and eye-catching decorations is a giant snake-shaped lantern titled "Golden Snake Offering Auspiciousness" -- echoing this year's zodiac animal, the Chinese Year of the Snake.

In addition to the dazzling lantern displays, the festival includes a retrospective exhibition celebrating its 30-year history, cultural markets, and interactive activities, giving visitors a richer understanding of Chinese culture.

Visitors can also explore the bustling night market and savor traditional Shanghai delicacies such as butterfly pastries and glutinous rice balls.

Yuyuan Garden's traditional charm contrasts beautifully with the modern skyline of the nearby Lujiazui area, making it a must-visit destination for the upcoming Spring Festival, or Chinese Lunar New Year, which falls on Jan 29 this year.

Shanghai's annual Yuyuan Garden Lantern Festival in full swing with dazzling displays

World economic growth is projected to slow to 2.4 percent in 2025, down from 2.9 percent in 2024, due to heightened trade tensions and policy uncertainty, according to a mid-year update of the 2025 World Economic Situation and Prospects report of the United Nations, which was released on Thursday.

The latest global economy forecast is 0.4 percentage points below the January forecast.

The global economic outlook has deteriorated significantly since the January 2025 forecast. Sweeping United States tariff announcements and counter-announcements, along with heightened policy uncertainty have eroded global growth prospects, said the UN report.

In terms of international trade, global trade growth is projected to decline sharply from 3.3 percent in 2024 to 1.6 percent in 2025, said the report.

The economic slowdown and persistent weakness in global investment growth will drag down employment and wage growth, according to the report.

The report also emphasized that policy coordination and international cooperation are particularly crucial for stabilizing the global economy and promoting sustainable development as the current world economy is facing high uncertainty.

UN forecasts global economic growth to slow to 2.4 pct in 2025