Business leaders pitch ideas for Shanghai's future growth

For the vast majority of consumer-oriented multinationals looking to establish regional headquarters and R&D centers in China, Shanghai has achieved huge success in becoming the international hub of choice.

China is now serving as a global learning and innovation center, in which multinational corporations (MNCs) develop new innovations and launch products in China, which can then be scaled and deployed across global markets.

We suggest the city continue providing the right macro-environment to support Shanghai retailers, brands and shoppers.

We hope the Shanghai government can act as a "planner," "enabler" and "advocate."

Through top-level planning, the government can foster an industry ecosystem that benefits all parties, create a business-friendly environment to attract leading companies, and encourage "Consumption for Good."

With the introduction of more open market policies, Shanghai will achieve the vision to set a new global benchmark, and reach its goal of becoming an "international consumer center" ahead of its peers and for the benefit of us all.

Shanghai is now at a crossroad in scaling up its early success and truly establishing a world-class "in China, for the World" biomedical industry cluster.

Shanghai could craft and launch more tailor-made policies to advance the important transition.

We encourage the city to implement actionable opening-up policies to fulfill Shanghai's ambition to become a truly global leading biomedical cluster.

It could take for reference from international benchmarks with regard to infrastructure, talent, foreign investment, trade, fiscal and tax policies, as well as business environment.

Shanghai could build further on the current commercial health insurance "Huhuibao" which was launched earlier this year.

We propose continued development of commercial health insurance programs, including launching measures such as promoting a clear role for commercial health insurance in a multi-layered health-care security system, making sure the insurance schemes work efficiently and sustainably, and provide more choice and flexibility for insurance policyholders.

With its expansive and thriving vehicle market, Shanghai is in a favorable position to continue benefiting from this rising trend to trade up high quality passenger vehicles.

Shanghai citizens are among the most willing to accept new technologies and move upmarket.

To cater to new automotive consumption demands, it is important for the city to have predictable policies, offer an appealing shopping experience, a comfortable driving experience, and a convenient ownership experience and to help ensure the long-term healthy growth of the vehicle market and automotive culture in Shanghai.

At present, we see consumption divergence in the trend of consumption upgrade and possible structural adjustments amid the growth of total consumption with broad market prospects for emerging sectors.

Shanghai needs to actively explore new consumption growth drivers and promote new business formats and models to accelerate tapping into consumption potential.

We should, for example, vigorously develop the new online economy, and gather new consumption momentum by building new infrastructures in areas of science and technology innovation such as 5G, artificial intelligence, and data centers, as well as in areas related to consumption upgrades for people's well-being, such as education, health care and retail.

In addition, we should capitalize on the CIIE platform and ride on the First Store Economy and the First Launch Economy to continue to increase the supply of high-end consumption and the concentration of international retailers.