China Reform & Opening Up: Global CEOs gather in Shanghai for annual mayor advisory meeting

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03:06

A week ahead of China's first-ever international import expo in Shanghai, global CEOs gathered in the host city for the annual meeting of the International Business Leaders Advisory Council. Now in its 30th year, the main item on their agenda this time around was the reform and opening-up process in both Shanghai and China. CGTN's Xu Mengqi has more.

It's the annual date with the Shanghai mayor, that global business leaders have honored for thirty years.

And this year, the main theme was what can China do -- as a crucial economic hub -- to attract more foreign businesses and talent because the will is certainly there to facilitate it.

YING YONG SHANGHAI MAYOR "However far we've gone, and whatever situations we find ourselves in, the gate of opening up will never close and will only open wider. We are absolutely determined to welcome and embrace foreign enterprises and international capital."

The council discussed how to create a business environment more aligned with international practices, and how Shanghai can become an important hub in China's massive international development project, the Belt and Road Initiative.

JACOB WALLENBERG CHAIRMAN, INVESTOR AB "There are a number of business questions, such as protection of IP rights, how to compete with Chinese companies, it's difficult, but I would argue it is very much doable and it is up to us foreign international companies to continue to invest in order to be competitive here."

A perfect case in point: ABB, a Swiss technology leader in power grids, electrification products and industrial automation -- also a member of the advisory council -- has just announced it will invest another 150 million US dollars in building a state-of-the-art robotics factory in Shanghai.

DR. ULRICH SPIESSHOFER CEO, ABB "China today is already the largest robotics market in the world, it is at the moment the second largest and probably very soon the largest market for ABB globally going forward. We have here the classic hardware capabilities, we have electronics, but we also have digitalization and A.I. teams that are doing a wonderful job."

XU MENGQI SHANGHAI "Many of the foreign companies that are present at the council meeting today will also participate in the China International Import Expo, due to kick off on Nov 5. And they say that the Shanghai mayor's commitment to opening up further is a reassurance for their confidence in China."

MARK WEINBERGER CHAIRMAN AND CEO, ERNST & YOUNG "Shanghai and China more broadly, is more and more a major player in the global stage. You need inbound and outbound advice on mergers, acquisitions, tax policy, supply chain, everything. So it is a great opportunity for us."

Many at the meeting stressed upon the importance of the international import expo for their business models, as it would give them a huge platform to display their products and know-how, and support China's development ambitions well into the future. XMQ, CGTN, Shanghai.