The incident has sparked widespread public outrage, with many accusing the man of deliberately targeting people, Yahoo News reported.
Videos posted online show the driver getting out of the car and throwing banknotes into the air, shortly after the crash.
Police have detained the 22-year-old man and launched an investigation.
The crash took place on Wednesday during the evening rush hour at a busy junction in the southern city of 19 million.
There have been similar recent incidents. In February 2022, a driver ploughed a mini truck into people in the southern province of Fujian, killing three and injuring nine.
Earlier this week, a hotel guest in Shanghai deliberately drove his car into the lobby following an argument with staff. Nobody was injured in that incident.