Global executives urge innovation-driven growth at Shanghai forum丨37th IBLAC

By FAN Yicheng

Forty global executives gathered in Shanghai on Oct. 12 for the International Business Leaders' Advisory Council for the Mayor of Shanghai (IBLAC), calling for stronger innovation, sustainability and cross-sector collaboration to anchor the city's next phase of growth.

L'Oréal chairman Jean-Paul Agon said Shanghai should foster a virtuous cycle linking innovation and consumption, where technological advances enhance products, elevate user experiences and generate new demand. He described this as a "dual-engine flywheel" that could help the city evolve into an international hub for both technology and consumer markets.

The French beauty group, which has operated in China for 28 years, reported a 3% year-on-year sales rise in the second quarter and said it will continue expanding local research and partnerships. This year it launched two China-focused investment funds in beauty tech and brand incubation and hosted a Lancôme anniversary exhibition in Shanghai.

Schneider Electric chairman Jean-Pascal Tricoire urged policies to accelerate digital and green transformation in manufacturing, stressing closer ties between business, academia and government to build talent in AI, sustainability and smart industry. The firm expanded its China footprint in September with the opening of its EcoFit Low-Voltage Innovation Center in Shanghai, offering end-to-end retrofit services for low-voltage components.

Intuitive Surgical chairman Gary Guthart called for balanced policies that promote medical innovation while ensuring quality and patient safety. The U.S. surgical-robot maker has partnered with Fosun Pharma and built its largest Asia-Pacific hub for manufacturing, R&D and training in Shanghai’s Pudong district.

The executives' remarks underscored Shanghai's push for innovation-led, sustainable growth through policy support, talent development and industry collaboration.

Founded in 1989, the IBLAC has become one of Shanghai's most influential policy forums. Its 46 members, including 24 Fortune Global 500 companies, have a combined market capitalization of more than US $3.5 trillion and contribute more than 35 billion yuan (about US $4.8 billion) in annual taxes to the city.