Forum to focus on city’s free trade zone
Print Edition
TOP minds from some of the world’s leading corporations will sit down with Shanghai Mayor Yang Xiong and other local officials today to brainstorm ways to develop the city’s business environment.
The occasion is the 26th International Business Leaders’ Advisory Council forum, whose theme this year is: “Accelerating the Establishment of the China (Shanghai) Pilot Free Trade Zone.”
IBLAC Chairman Orit Gadiesh said in a welcome note that the establishment of the zone is “a significant measure taken by the country to promote economic reform and opening up across multiple industry sectors, and with a focus on both domestic as well as foreign companies.”
The zone “actively explores innovative management models in trade and investment in China, and aims to open up the service industry to the rest of the world,” said Gadiesh, who is also chair of American management consulting firm Bain & Co.
“It will gradually develop into a zone promoting investment and trade facilitation in accordance with international standards, free conversion of currencies, convenience and efficiency, and an internationally recognized legal environment,” she said.
Established in September 2013, the Shanghai free trade zone is a key feature of the government’s plans to reorient China’s growth toward domestic demand and away from exports and investments. In doing so it has functioned as a testing ground for reforms and a more open economy.
Today’s talks will begin with a keynote speech from Sultan Ahmed Bin Sulayem, chairman of the United Arab Emirates’ DP World.
The IBLAC forum was initiated in 1989 by former Shanghai Mayor Zhu Rongji, who became Chinese premier in 1998. He envisaged it as a platform for the world’s top business leaders to provide strategic advice on the city’s development and the challenges it faces.
Over the past 25 years, the international think tank has grown from 12 members in eight countries to 52 members in 16 countries. Its participants come from all fields of industry and commerce, including finance, manufacturing, information technology, pharmaceuticals and retail.
As a precursor to today’s talks, the council members yesterday visited the new home of the Shanghai Symphony Orchestra to listen to a musical adaptation of the famous Chinese play “The Butterfly Lovers.”
Jacob Wallenberg, chairman of Swedish private equity and venture capital firm Investor AB, described the performance as “extraordinary.”
“Today we have seen the development of culture in Shanghai, which is very important,” he said.
“The city has to promote many things — culture, business, research and development, and the environment — as all of these things are important to the people of Shanghai.”
Donald Guloien, president and chief executive of Canada-based financial services group Manulife Financial Corp, also was full of praise for the performance, adding that he had “a lot of suggestions for the mayor” at today’s forum.
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