At least 35 people have been killed and dozens injured after a stampede broke out during New Year’s celebrations in the Chinese city of Shanghai, state-run media has said.

Citing Sina News, CCTV America said the the cause of the stampede on the Bund, the financial hub of Shanghai’s popular waterfront area, was still unclear.

At least 48 people were also injured, reports said.

Pictures posted on social media showed huge crowds surrounding people lying on the ground in the middle of the street, but they could not be immediately verified.

Local media say witnesses reported earlier seeing coupons, which at first glance looked like dollar bills, being thrown into the crowd which triggered the stampede.

Pictures of the coupons have appeared on social media and a news portal. Police say they are still investigating the cause.

Authorities had earlier cancelled a New Year’s countdown with a 3D laser display at the Bund due to crowd concerns, the Shanghai Daily reported last week.

The event had been growing in popularity for three years, but last year’s turnout of some 300,000 people far exceeded authorities’ expectations, the report said. Al Jazeera