(Yicai) Oct. 13 -- Shanghai should take the opportunities presented by artificial intelligence, prioritize talent, and improve open cooperation, according to many of the attendees at the 37th International Business Leaders' Advisory Council for the Mayor of Shanghai.

Shanghai has become a global hub for technology and consumption, Jean-Paul Agon, chairman of French personal care giant L'Oreal, said at the meeting held yesterday. He recommended that the city establish an intelligent regulatory framework that balances global standards with local adaptability, cultivate a tech ecosystem via financial incentives and collaborative mechanisms, and eliminate bottlenecks in talent mobility and logistics to speed up the scaling of innovation.

Shanghai could host flagship incubation projects, positioning itself as a launch platform for cutting-edge consumer tech, according to Agon.

The IBLAC think tank, themed "Openness, Innovation, and Inclusiveness - Shanghai's Development Strategy Toward 2030" this year, drew 40 executives. It has been advising Shanghai's mayors since 1989, when it was formed by Zhu Rongji, who later became premier.

Shanghai needs to enhance the role of tech innovation leaders, said Rob Speyer, president and chief executive of US developer Tishman Speyer. It should focus on three critical factors: world-class spaces, talent, and strong service facilities, to attract and develop innovative companies, he pointed out.

Adidas CEO Bjørn Gulden reiterated the German sportswear manufacturer's commitment to increasing investment in the Chinese market and revealed plans to relocate the country headquarters to West Bund in Shanghai's Xuhui district next year. "When I hear about how open the government is for continuing development, how much innovation is happening, and how many companies have their research here, this is the place to be," he noted.

The future economic landscape will be primarily influenced by talent, followed by capital, and then by AI tech, Chip Kaye, president of US private equity firm Warburg Pincus, said in a keynote speech. Shanghai should create a professional service ecosystem that brings talent together while aligning infrastructure and manufacturing capabilities to match this, he pointed out.

AI has a transformative impact on industries such as advertising, while having the ability to streamline visualization and copywriting, cut costs, and democratize knowledge, according to Martin Sorrell, founder and executive chairman of S4 Capital. "Shanghai understands the need to disseminate technologies like AI, quantum computing, and blockchain as rapidly and effectively as possible."

In addition to investments in technological innovation, the executives highlighted that maintaining and strengthening openness and collaboration remain key factors for Shanghai to continue attracting foreign investment.

Shanghai should build an innovation ecosystem that connects nationwide to quickly replicate the city's successful experiences across other regions in China, noted Mark Greeven, dean of Asia for IMD Business School in Switzerland. It should ensure smooth talent inflow and outflow, such as establishing a global R&D visa green channel, he added.

In addition, Greeven stressed the importance of further enhancing the stability of policies related to intellectual property protection, ensuring that multinational entrepreneurs are confident in the long-term, stable protection of such property. "There's an opportunity for Shanghai to really build a vibrant ecosystem to drive and accelerate innovation here on a very, very good basis," he said.

"In times when you have increasing geopolitical tensions, it is even more important to collaborate," said Severin Schwan, chairman of Swiss healthcare giant Roche Group and a newly named honorary citizen of Shanghai. "One of the purposes why we are here today is to exchange how we can actually improve and how we can work better together in the ecosystem here in Shanghai between the government, the businesses, academic institutions, big companies, and small companies."

Shanghai has overcome multiple unexpected challenges and maintained a positive trend of high-quality development over the past five years, said Mayor Gong Zheng. Its economic output has continued to rise during the period, with its gross domestic product ranking fifth among cities worldwide last year, while its GDP per capita topped USD30,000, he noted.

Editor: Martin Kadiev