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Shanghai leaders at IBLAC invite multinationals to plant roots in city

By YUAN SHENGGAO ( China Daily Global ) 2021-10-26

Metropolis hopes to continue growing into a global business center

Companies from all over the world are not only welcome to get more deeply rooted in Shanghai but are encouraged to bring their experiences, expertise and industry insights, which can translate into material policies facilitating Shanghai's high-quality development, according to top officials of the city.

Shanghai Mayor Gong Zheng said that when attended the 33rd forum of the International Business Leaders' Advisory Council held online on Oct 15.

The 2021 IBLAC, held online, attracted 40 multinational executives from 22 cities in the world to share their up-to-date findings on Shanghai.

This year, the IBLAC welcomed four newcomers, which were agricultural producer Cargill, pharmaceutical developer Boehringer-Ingelheim, beer producer Budweiser and banking service provider DBS.

Piyush Gupta, CEO of DBS, said prior to the IBLAC that the company is proud to be part of the IBLAC.

"The IBLAC is a communication platform between enterprises and the city government. Many suggestions presented at the gathering have been included in the city's development blueprint," he said.

Initiated in 1989, the council has grown into an international think tank for Shanghai where multinational companies' top executives gather annually to share their knowledge and experience. The annual event is also of great importance to conveying China and Shanghai's resolution to further opening-up and deepen international cooperation.

Li Qiang, Party secretary of Shanghai, said at the IBLAC that Shanghai will continue to strengthen its capacity in international economy, finance, trade, shipping, technological innovation and consumption to support China's economic upgrade and transformation. Shanghai will also take measures to be a central hub for the domestic circulation and a strategic link connecting the domestic and international markets.

In the next few years, Shanghai will deepen its high-quality reform and opening-up, with sharpened focus on systematic opening-up of rules, regulations, management and standards. By creating an increasingly marketized, legalized and international business environment, more policies and mechanisms with international competitiveness will be rolled out in Shanghai, Li said.

With the aims to support Shanghai to achieve higher goals in economic and social areas during the 14th Five-Year Plan (2021-25), multinational executives who attended the 2021 IBLAC gave deep dive on three themes-supporting the city's further opening-up in wider fields, consumption upgrade and sustainable development.

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