SHANGHAI — The 38th annual International Business Leaders’ Advisory Council for the Mayor of Shanghai (IBLAC) convened on Sunday, with global industry leaders recommending the city build a stronger global brand through AI deployment, sports, and cultural tourism.

Founded in 1989, IBLAC brings together international business leaders annually to discuss the city’s economic development. It has grown from 12 members from eight countries to 42 members from 15 countries, working in industries ranging from sports and consumer goods to health care and finance.

In 2025, the added value of Shanghai’s service industry reached 4.5 trillion yuan ($620 billion), ranking first among Chinese cities and accounting for nearly 80% of the city’s GDP. By 2030, that figure is expected to reach roughly 6 trillion yuan, with service imports and exports exceeding $300 billion. 

“Shanghai’s service industry plays a pivotal role in driving economic growth, stimulating consumption and fostering,” John Waldron, president and chief operating officer of Goldman Sachs, said in his keynote speech.

He urged Shanghai to expand its cross-border data transfer framework and give greater priority to financial institutions and applicants.

Next, Jason Furman, an economics professor at Harvard University, advised Shanghai against chasing bigger AI models and instead to leverage its service sector — financial institutions, hospitals, and law firms, among other operations — to lead AI deployment. He also recommended attracting global scientists while training Chinese workers in skills that machines cannot replicate.

“AI will not take a city’s place in the world economy, but a city that uses AI better will,” Furman said during the event’s keynote speech.

Elliott Hill, president and chief executive officer of international footwear brand Nike, said that Shanghai should increasingly capitalize on signature events like the Shanghai Marathon and F1 Chinese Grand Prix. Each event should become a citywide celebration that connects sport with commercial districts, public spaces, culture, and retail, driving greater economic impact across the city, he said.

Hill also suggested making exercise part of everyday life by creating more community sports-related gatherings, from school programs to community runs. He called for deeper collaboration among government, business, and universities to expand access, attract world-class events, and develop talent, cementing Shanghai’s status as a global sports capital.

Manny Maceda, partner and chairman at global consultancy Bain & Company, urged the city to shift tourism toward experiences over attractions, centering tourist experiences around Shanghai cultural features such as its Art Deco architecture, jazz-related history, food, and riverfront customs to strengthen the city’s global cultural brand and sharpen its identity as the place “where East meets West.” 

At a Sunday afternoon press conference, Shanghai Mayor Zhu Zhongming said attendees offered many pertinent, forward-looking recommendations. “We will work to turn this global wisdom into a ‘Shanghai solution’ for expanding and upgrading the service industry,” he said. 

Editor: Marianne Gunnarsson.

(Header image: VCG)