In a reference to the global financial crisis, saying "It is better to invest money here than put it in the stock market."
But residents thought it was a suicide and say children as young as eight were terrified, reports Oriental Today.
After receiving complaints, the office of industry and trade has increased and taken the dummy.
"Without the hanging man, it is not shocking," said the deputy director of the Bureau.
Jiang Chengpu, the creative director behind the ad, said the goal was to capture people's attention, not to terrorize them.
"We're making fun of the depressing stock market here. And the place the mannequin is hanging next to the line index," he said.