There is still room for multinational companies to be better integrated into Shanghai's innovation ecosystem so that technology innovation and commercialization of technological achievements can be advanced with higher quality, said Miguel Lopez, CEO of German industrial and engineering conglomerate Thyssenkrupp AG.

Lopez made the comments during his latest visit to China to attend the 36th International Business Leaders' Advisory Council for the Mayor of Shanghai.

While applauding Shanghai's friendly and engaging business environment as well as its efforts to outline specific goals for basic research, original breakthroughs and competitiveness in key core technologies, Lopez said that the city could place great importance on and fully utilize multinational companies' industrial expertise, global networks, international experience, and innovative resources. In this way, multinational companies can better integrate them into Shanghai's innovation ecosystem, which could be more international, application-driven and industry focused.

"This approach could not only enhance the development of Shanghai's applied research and innovation ecosystem but also strengthen multinational companies' confidence in long-term investment in China," he said.

Lopez also suggested that Shanghai should promote the establishment of a non-profit, international application-oriented research innovation institution. Germany's Fraunhofer-Gesellschaft, an application-oriented research organization, can serve as a good reference, he said.

The idea is to build a technology ecosystem, which is based on an infrastructure connecting businesses, government, universities and institutions conducting scientific researches, according to Lopez.

"Shanghai is one of the most developed places in the world. It is the perfect place to expand this kind of technology flagship projects," he said.

The IBLAC was initiated in 1989 and has grown into a think-tank for Shanghai mayors over time. Multinational companies' top executives and industry experts provide suggestions to better advance Shanghai's development and opening-up at the annual event.

Lopez was also present at last year's edition. As he has noticed, the 144-hour transit visa-free policy adopted in China has largely benefited business travelers. It is a very practical example showing the agility of the government in terms of attracting businesses, he said.