SHANGHAI — AI, health care, and fintech emerged as some of the most discussed topics at the annual meeting of Shanghai’s business advisory council on Sunday.

Established in 1989, the 37th meeting of the International Business Leaders’ Advisory Council for the Mayor of Shanghai (IBLAC) recorded more than 40 top international business executives in attendance. New members included German sportswear giant adidas and Brazilian mining company Vale S.A. 

Experts from sectors ranging from manufacturing to electronics shared their insights, as the council, which is responsible for directing initiatives related to Shanghai’s economic development, called on the city to deepen technological innovation and enhance its business environment for global competitiveness.

Shanghai is strengthening its efforts to become a global center for finance, trade, shipping, and technology, Shanghai Mayor Gong Zheng said in his keynote address.

Mohamed Kande, an advisory leader at accounting firm PwC, suggested that artificial intelligence, in particular, presents one of the city’s “next tickets” to move toward knowledge-based services and high-value creation. 

When AI supports how people move and learn, as well as protecting the environment, it should be treated not only as a technological tool but as core urban infrastructure — something that could accelerate social and economic progress, he explained.

Merlin Swire, chief executive of global business conglomerate John Swire & Sons, highlighted the importance of digital integration in preparation for Shanghai’s aging society. He emphasized the need to build a diversified health care system where private institutions supplement public services, supported by improved infrastructure and data sharing.

Swire noted that Shanghai has the potential to become a leading destination for medical tourism and stressed the importance of optimizing Shanghai’s tiered health care system by improving pricing mechanisms, incentivizing cooperation among medical teams, and expanding digital coordination. 

To tackle the shortage of medical talent, Swire further proposed attracting international health care professionals through reciprocal licensing and fast-track visa policies. 

Jacques de Vaucleroy, chairman of insurance company Swiss Re, urged further strengthening the city’s role as a global financial hub by promoting international data integration. He suggested developing a global shipping index and creating innovative insurance products to safeguard international trade and support the overseas expansion of Chinese enterprises.

Beyond making global inroads, the city’s leaders also hope to hone in on China’s growing domestic economy. “We will further advance the strategy of expanding domestic demand and make greater efforts to unleash consumption potential to drive overall economic growth, striving to achieve both a more effective economic order and reasonable quantitative growth,” Mayor Gong said.

Editor: Marianne Gunnarsson

(Header image: VCG)