IBLAC meeting opens to share ideas on Shanghai's future

Top executives from more than 20 leading multinationals and guest speakers gathered again this morning as the 36th International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC) officially opens.

Shanghai Party Secretary Chen Jining and Mayor Gong Zheng extended warm welcome to the top executives who are long committed to bringing latest ideas and proposals for the city to charter new development path.

The annual meeting which was initiated in the late 1980s by then Shanghai Mayor Zhu Rongji, who later became China's premier, marks its 36th anniversary this year.

It now includes 44 members which are renowned multinationals in 15 countries in addition to 10 honorary members.

The main theme of this year's meeting is "Leading Paradigm Transformation, Expanding Opening-up and Cooperation, Advancing Shanghai's International Sci-tech Innovation Center Initiative in the New Era."

Severin Schwan, Chairman of the Board of Directors of Roche Group, is serving as the chairman of the IBLAC for the second year.

He presided over the opining ceremony while Jean-Pascal Tricoire, chairman of Schneider Electric, and Rob Speyer, CEO of Tishman Speyer, are the vice chairmen.

Shanghai's economic development maintains a steady momentum. Gross domestic product reached 223,455 billion yuan (US$ 223.5 trillion) in the first half, a year-on-year increase of 4.8 percent.

Multinationals play pivotal roles in advancing the city's major goals for technology innovation, advanced manufacturing, pharmaceuticals and retailing and the city continues to be the preferred destination for their latest initiatives.

By the end of June, the number of multinationals' regional headquarters, and foreign-funded research and development centers in Shanghai reached 986 and 575, respectively, making it the largest base of such facilities in China.