The 37th session of the International Business Leaders' Advisory Council for the Mayor of Shanghai is set to convene on Oct 12. With dozens of top executives from leading global corporations confirming their attendance, this event underscores the enduring importance of the Chinese market for international businesses.

IBLAC's expanding influence

The evolution of IBLAC's membership over the years reflects Shanghai's growing openness and global connectivity. Originally comprising 12 members from eight countries, the council has expanded to 46 members from 15 countries and regions across Asia, Europe, and the Americas. Forty members have confirmed their participation in this year's meeting.

Among the 46 member companies, 24 are listed in the 2025 Fortune Global 500, and seven are included in the Forbes Global 2000. Together, these companies have a combined market value of more than $3.5 trillion and contribute over 35 billion yuan ($4.91 billion) in annual taxes within Shanghai.

The council's industry scope has also broadened, moving beyond traditional sectors such as manufacturing and mining to include advanced fields like semiconductors, biomedicine, energy conservation, environmental protection, finance, and auditing.

This trajectory mirrors Shanghai's transformation over the past three decades, from a traditional industrial and commercial hub to a global center for economy, finance, trade, shipping, and sci-tech innovation, accelerating its rise as a metropolis of international stature.

Global enterprises reinforce investment in Shanghai

Multinational corporations are reaffirming their confidence in Shanghai and the broader Chinese market through significant new investments. Since the previous IBLAC meeting, 13 member companies have announced plans to expand their operations in the city, with total investments exceeding 30 billion yuan.

Roche Group, one of the pioneering multinational pharmaceutical firms in Pudong New Area, continues to deepen its footprint in China. Earlier this year, the company announced a 2.04 billion yuan investment to establish a new biopharmaceutical production facility in Shanghai.

Severin Schwan, chairman of the board of directors of Roche Group and a newly named honorary citizen of Shanghai, commended the city's well-integrated innovation ecosystem, which brings together talent, funding, services, data and infrastructure. He highlighted that "Shanghai's unwavering commitment to innovation eventually will blossom into prosperity." He also noted that one of the key factors behind Shanghai's success is the close interaction between business and government

Innovative meeting mechanisms

This year's meeting will feature key reforms, expanding the number of afternoon panel discussions from three to four. Each panel will gather 10 international business leaders, enabling deeper engagement between Chinese and global participants. Attendees may choose from four thematic discussions: technology empowerment, strategic advantages, pioneer of opening-up, and green practices.

Morten Wierod, CEO of ABB Ltd, has opted to join the technology empowerment group, noting that the company's strengths in the digital economy, artificial intelligence, smart manufacturing, and green transformation align perfectly with Shanghai's goal of building a global innovation hub.

From one-way learning to mutual dialogue

Over its 36-year history, IBLAC has evolved from a window through which Shanghai learned from the world into a platform for mutual exchange. Many business leaders recognize that Shanghai's initiatives in green transformation, digitalization, and refined urban management provide valuable insights for global adoption.

Jürgen Tinggren, chairman of the board of directors of Bekaert, said, "In today's interconnected world, success hinges on the ability to collaborate effectively." He emphasized that, after more than 30 years in China, the company's journey proves that embracing cooperation and harnessing the strengths of all partners can overcome boundaries and drive shared success.

Sources: WeChat account of Foreign Affairs Office of the Shanghai Municipal People's Government, Shanghai Observer, Jiefang Daily