Yellow tsunami alerts for Shanghai and Zhejiang Province were lifted on Wednesday afternoon, according to China's marine forecasting station.

Earlier in the day, the station had predicted that Shanghai could be affected by a tsunami between 5pm and 8pm, triggered by an 8.7-magnitude earthquake off the eastern coast of Russia's Kamchatka Peninsula.

The alert for Taiwan's eastern coast remains in effect.

Shanghai Earthquake Agency said the tsunami would not have a destructive impact on the city.

"Typhoon Co-may will have a much stronger effect than the tsunami. In addition, the tsunami wave is expected to arrive during low tide in Shanghai, which further reduce its impact," said Song Xiuqing, a senior engineer at the agency.