The 36th edition of the International Business Leaders Advisory Council for the Mayor of Shanghai concludes on Sept 22. [Photo by Xia Miao/english.shanghai.gov.cn]

The 36th edition of the International Business Leaders' Advisory Council for the Mayor of Shanghai, where heads of global leading enterprises and renowned experts gathered for navigating Shanghai's future through thoughtful discussions, concluded on Sept 22.

Founded in 1989, IBLAC has a long tradition of proposing ideas for Shanghai's development, and its influence has grown over the years as more and more members from various industries have joined.

Currently, the council consists of 44 members from 15 countries besides the 10 honorary members. Among them, 27 members attended this year's meeting.

Shanghai Party Secretary Chen Jining and Mayor Gong Zheng delivered keynote speeches in the meeting, highlighting Shanghai's determination to cement its role as an international sci-tech innovation center.

This year, the meeting was themed "Leading Paradigm Transformation, Expanding Opening-up and Cooperation, Advancing Shanghai's International Sci-tech Innovation Center Initiative in the New Era." The discussions were focused on expanding international cooperation and constructing a world-class innovation ecosystem to advance Shanghai's development.

Top executives have underlined the significance of homegrown brands. "There is a clear transformation happening already in the country that Chinese brands are becoming more important for a forwarder like us," said Stefan Paul, chief executive officer of Switzerland-headquartered multinational logistics service provider Kuehne+Nagel Group.

For his latest travel to China for the 36th IBLAC, he visited at least five Chinese cities. Paul sees great potential for growth among Chinese companies in renewable energy, electric vehicles, semiconductors, and e-commerce that are aspiring for more global presence.

Chinese brands have been exporting more of their knowledge, products and services to overseas markets, he said. Therefore, Kuehne+Nagel has been focusing more on Chinese brands than it did five or 10 years ago, when international brands attracted most of its attention.

Martin Sorrell, founder and executive chairman of S4 Capital, echoed Paul's view. Sorrell said that he sees Chinese companies increasingly marketing their products globally as products are "marketed, created and produced in a Chinese way with Chinese values".

Sorrell noted that the world is undergoing a shift in the balance of economic power from developed countries to emerging market economies because of China's rising influence. Meanwhile, the global economy has stumbled compared to its growth over the past 40 years as it faces challenges from geopolitical issues.

But Sorrell is full of hope for Shanghai's development regardless of the sluggish global economic outlook.

"Shanghai will continue, in my mind, to make progress, but it will be progressing in a world that is much more challenging," he said.