IBLAC meets to discuss Shanghai's endeavor to be international sci-tech innovation center

New attendees, guest speakers, and members of the International Business Leaders' Advisory Council for the Mayor of Shanghai are gathering on Sunday to offer their views on Shanghai's latest steps to become an international sci-tech innovation hub.

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

First set up in 1989 by then Shanghai Mayor Zhu Rongji, who later became China's premier, the annual event marks its 36th anniversary this year.

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

Dozens of top executives from leading multinationals will join with new members and guest speakers for panel discussions and put forward new ideas, new development formats, and mechanisms required for Shanghai to strive.

Three discussion panels will focus on the following topics: "Seizing the Opportunities Arising from a Paradigm Shift in Science and Technology Innovation," "Fostering Openness and Collaboration in Science and Technology Innovation" and "Building a World-class Innovation Ecosystem."

Shanghai is also fully prepared to leverage the strength and expertise of foreign enterprises to spearhead its transformation into an international sci-tech innovation center.

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.

Shanghai has spared no effort to support scientific innovation and research in leading industries, and is encouraging early-stage investment by promoting the connectivity between venture capital investment and multi-tiered financial service targeting technology innovation.

Earlier this month, Shanghai established a 10-billion-yuan (US$1.4 billion) fund to nurture future industries, which is fully financed by the Shanghai government for 15 years, aiming to boost confidence in early-stage technology investment and accelerate the transformation of cutting-edge innovations into new quality productive forces.

New guidelines were also unveiled in July with more support from the government guidance fund and a continued focus on cultivating leading industries including integrated circuits, biopharmaceuticals, and artificial intelligence.

Leaders from many industry sectors, including manufacturing, financial service, consumer goods and pharmaceuticals, believed new schemes by the government and public-private partnership would enhance the city's strength for scientific innovation.

Severin Schwan, chairman of the Board of Directors of Roche Group, is serving as the chairman of the IBLAC for the second year. He said Shanghai is on track to nurturing a robust innovation-friendly ecosystem by prioritizing openness and collaboration in science and technology.

"Openness, innovation and collaboration" are pivotal to the IBLAC meeting and even more important in times of geopolitical tensions and uncertainties, when the business community needs to stand up and help build bridges around the globe," he said.

Schwan, whose personal experience with IBLAC dates back more than 15 years, is convinced that Shanghai can be at the forefront of global medical research with a thriving biotech sector, state-of-the-art hospitals and research institutions, and a community where preventive health care is part of daily life.

Chief Executive of Danone Antoine de Saint-Affrique said Shanghai is a pioneer city in China's technology sector and has a robust foundation in scientific and medical resources.

He added that Shanghai could also serve as a pilot city for exploring AI applications in health care, including personalized health and nutrition, gaining valuable experience and providing a replicable model across China and even globally.

Fostering closer cooperation between the government, enterprises, and research institutions would position Shanghai at the forefront of global innovation, promoting sustainable economic and social development, he noted.

Abbott Chairman and Chief Executive Officer Robert Ford suggests the city consider expanding the role of the Yangtze River Delta sub-centers of the Drug and Medical Device Evaluation and gain National Medical Products Administration's agreement of approval power for certain categories of innovative pharmaceutical and medical device products.

This could help companies in Shanghai streamline the process of applying for new drug approvals and registrations, which would eventually boost the innovation capacity and market dynamism and encourage innovation and growth.

Shanghai shall also consider allowing commercial insurance companies to obtain medical insurance data which would help insurance companies enhance their risk assessment and claims processing, develop better insurance products, and maximize the use of medical insurance data to bolster the health-care security system.

ABB Chairman Peter Voser proposes for Shanghai to strengthen its position in AI by fostering interdisciplinary research and broadening its application in more diversified scenarios.

At the same time it shall also consider accelerating energy transition by upgrading infrastructure for renewable integration and scaling up the use of eco-friendly technologies, he said.