SHANGHAI, Aug. 10 -- The east China metropolitan of Shanghai on Saturday launched its first-ever International Cruise Festival to fully tap the cruise travel boom.

The festival lasting till Aug. 31 will see a slew of new product launches related to the cruise economy as well as cruise business promotion activities.

Liu Ping, deputy secretary-general of the Shanghai municipal government, said at the inauguration of the festival that the cruise industry is of great significance to expanding domestic demand, unleashing consumption potential and promoting high-level opening-up.

"The city will continue to offer new consumption scenarios and services for the cruise industry to cater to customers' demand," Liu said.

The festival is held to boost Shanghai's position as an international consumption hub and a magnet for more international cruise companies to set up headquarters.