We have a very similar thing; the brand is different but it probably came from the same Chinese factory. We use it as a travel crib and travel bed for our toddler (from infant to 2,5 years). We did not use it while he was newborn.
As Swati also mentions, there should not be any toys, pillows or blankets because these are a suffocation hazard. And if you use a linen around the mattress then make sure it is snug so he can't entangle himself in it; that's another hazard.
Generally, newborns don't need a lot of toys in their crib/pen/bed. Toddlers might want toys and that's okay because they are old enough to be able move themselves or the toy/pillow if it threatens to suffocate.
Another important aspects -- especially for sleeping! -- is that there is a reasonably solid surface underneath the mattress so that it doesn't sag. The mattress itself should also not be too soft; best would be as hard as the crib mattress.