IBLAC members eye AI potential on Shanghai's West Bund

A delegation of 35 global business leaders convened at Shanghai's West Bund on Saturday for an off-site session ahead of the International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC) on Oct 12, diving into discussions about the future of technology and international collaboration.

As part of the 37th IBLAC meeting, delegates were guided through an exhibition featuring eight artificial intelligence companies, showcasing the region's rapidly growing tech sector.

The tour was followed by a visit to the West Bund, also known as the Xuhui Riverside area, where they got a firsthand look at the integration of business, tourism, culture, sports, and exhibition industries along the waterfront.

The event brought together IBLAC members, guest speakers, special guests of the mayor, and 55 of their assistants.

Shanghai-based companies specializing in robotic rehabilitation, AI-powered manufacturing solutions, and large-scale AI model operations showcased the city's growth in AI, robotics, and smart technologies — highlighting innovations ranging from healthcare robots to cloud-based production management software and AI computing platforms.

"I'm impressed by how the whole area of the West Bund has been transformed in a very short period of time," Severin Schwan, chairman of the board of directors of Roche Group and a newly named honorary citizen of Shanghai, said. "Now we just had an opportunity to look at the latest developments in AI and how this can improve the quality of our lives."

He emphasized the rapid pace of innovation in China, particularly in Shanghai, and the critical capacity for scaling solutions to reach a large patient population both domestically and globally.

"Here in Shanghai, I think we have a wonderful ecosystem where we can bring all these elements together with all the partners around us," Schwan said.

Schwan, whose company was the first foreign enterprise to establish a research center in Shanghai, underscored the importance of integrating traditional knowledge in biology and chemistry with emerging technologies like AI.

Specifically addressing AI's potential in healthcare, Schwan added, "I am always very interested in how these technologies can help patients; how patients can get better and longer lives."

Chen Yong, deputy district governor of Xuhui district, touched on the district's ambition to become a nationally leading AI center with global competitiveness.

According to Chen, Xuhui is home to more than 700 AI companies, generating nearly 100 billion yuan ($14 billion) in output value, and boasting an average annual growth rate of 15 percent.

He emphasized the unique role of the Shanghai Foundation Model Innovation Center, a leading innovation hub for large-scale language models in establishing a Chinese paradigm for nurturing artificial intelligence development.

The West Bund, a former industrial zone and cradle of modern Chinese industry, has undergone a remarkable transformation and is now being developed into six key industry clusters: media, technology, entertainment, green space, AI, and finance — positioning itself as a world-class waterfront area.

Mizuho Financial Group Chairman, Seiji Imai, also lauded Shanghai's rapid progress.

"It's only been four months since my last visit, but in that short time, I've already noticed significant innovation and technological development here," Imai said.

He highlighted the potential for collaboration, mentioning a China-Japan innovation forum held in Tokyo with support from the Shanghai municipal government, which attracted over 400 attendees.

"We would like to continue this type of cooperation to explore new partnerships and identify more productive partners between Chinese and Japanese, or Shanghai and Tokyo, innovation companies."

Luo Bin contributed to this story.