- At the city’s annual international business advisory meeting, executives highlighted AI investment, industrial applications and research partnerships
- Adidas, Danone and Siemens outlined new initiatives in Shanghai as the city targets 6 trillion yuan in service-sector value added by 2030
AI dominated discussions at Shanghai’s annual international business advisory meeting on October 11, as global executives called for deeper investment in innovation and outlined plans to expand research and development in the Chinese city.
The 38th International Business Leaders’ Advisory Council (IBLAC) meeting brought together 42 business leaders from 14 countries at the World Reception Hall to discuss ways to promote innovation in Shanghai’s service sector.
John Waldron, president and chief operating officer of Goldman Sachs, said an AI-driven investment supercycle was taking shape and urged Shanghai to strengthen its position as an innovation hub. Harvard professor Jason Furman called for wider adoption of AI in financial services in his keynote.
From local markets to global R&D
Announcements from council members reflected a shift toward using Shanghai not only to serve Chinese customers but also to develop products and technologies with global applications.
Adidas CEO Bjørn Gulden said the company’s new Greater China headquarters would open in Shanghai’s Xuhui West Bund area, alongside an innovation center.
The company is exploring cooperation with universities including Fudan University on new materials and product concepts.
Danone CEO Antoine de Saint-Affrique announced plans to establish a new research and innovation center for China in Shanghai, aiming to connect the company’s global research capabilities more closely with local health needs.
Siemens CEO Roland Busch said the company had established an AI development team in China to build next-generation products based on feedback from Chinese customers.
Some applications developed and validated in the Chinese market could also be introduced across its global business network, he added.
Closer ties with AI startups
For the first time, 11 private Chinese companies, including Meetsocial (飞书深诺), Fosun International (复星国际), UniDT (华院计算) and Westwell (西井科技), attended the full council meeting as observers.
Westwell Chairman Tan Limin (谭黎明) said the autonomous driving company serves 70% of the world’s 20 largest ports by cargo throughput.
Xuan Xiaohua (宣晓华), founder of UniDT, said China’s experience deploying AI in industrial settings represented a valuable technical capability for overseas companies.
During the meeting, multinational executives visited Shanghai-based AI companies including UniDT, EV maker XPeng’s R&D center and AgiBot, according to local Chinese media reports.
“Cities that become leaders in this generation will integrate technology thoughtfully and put it to work for people quickly,” Rob Speyer, CEO of Tishman Speyer and chair of IBLAC, said.
A 6-trillion-yuan target
Shanghai Mayor Zhu Zhongming (朱忠明) said the city would focus on demand, technological innovation and international cooperation during the 15th Five-Year Plan period, aiming to increase service-sector value added to about 6 trillion yuan by 2030.
Shanghai attracts more than 1,000 first-time store openings each year and hosts more than 90% of the world’s well-known luxury brands and 98% of leading international brands, according to city figures. Its concentration of international retailers ranks second globally.
The challenge for Shanghai is to translate its appeal as a consumer market into a deeper role in global innovation, with multinational R&D teams and local AI companies working together on technologies that can scale beyond China.
Header image generated by Tencent’s Yuanbao AI
