In our visit to The Bund in China, we went to Shanghai Grandmother Restaurant for lunch. The prices of their food were extremely afforable. The food was extremely delicious as well. It serves Chinese cuisine (but it seemed that I have tasted all of these in the Philippines. The soup in the pictures is like sinigang but it has seafoods in it while the veggies seemed like chopseuy but tastier than what we have here in Philippines.)
They cook their meals really tasty. I am not advertising the resto in this post but I am recommending it. I actually failed to get the names of their dishes. But I could say that a 500 yuan will be definitely enough for a group of three. It is indeed worth a try.
But if you like some pasta and American cuisine, Blue Frog has that. They have this burger which is so big that we even splitted it among us four. They have a very good salad as well. The staff, some of them speak English and they are actually very polite and cheerful.
Shanghai itself is a very expensive city. I was not able to go shopping because souvenirs are pricey. However, there are areas wherein you can find good stuff and good food at a low cost and what I have written are just some of them.