I am now in Shanghai too. I just visited the Xing Guang She Ying Photo Mall at Lu Ban road. It's a great place for photo buffs. There are abt 5-6 floors of shops selling all kinds of stuff, from cameras to studio equipment to film to accessories like tripods etc.
The prices are definitely cheaper than Singapore.
For reference:
Canon 40D body - RMB 8,100 (ie. about S$1,650)
Canon 5D body - RMB 16,500 (ie. abt S$3,370)
Canon 1D Mk III - RMB 32,000 (ie. abt S$6,530)
Canon Ixus 860IS - RMB 2900 (ie. abt S$590)
Canon G9 - RMB 4200 (ie. abt $860)
Only thing is it's not for people who cant live with the fact that the warranty only covers within China.