Orit Gadiesh: Shanghai's ambition should be to be recognized among the top five globally... alongside cities like New York and London

Orit Gadiesh, Chairman of Bain and Company, Inc, discusses Shanghai's 2035 outlook.

She said: "For the past decades, Shanghai has achieved a lot, transforming itself into an attractive international metropolis – with IBLAC playing an instrumental role in bringing new thinking to Shanghai. From the comprehensive development of Pudong to the robust growth of China (Shanghai) Free Trade Zone, Shanghai has always been a pioneer in China opening-up and launching institutional innovations.

"As illustrations of Shanghai success to date, GDP/Capita in 2023 was $27,000, more than doubling since 2013, and the city today is home to a total of 956 regional MNCs headquarters. In 10 years, the metropolis of Shanghai's ambition should be to be recognized among the top five globally ... alongside cities like New York and London, based on its accelerated progress across 4 main dimensions:

"First, economically, the current "five center" initiative (an international economic center, financial center, trade center, shipping center, and science and technology innovation center) … will continue to drive Shanghai's economic development. In addition, and consistent with its 2035 plan, Shanghai will need to leverage new economic drivers with a focus on digitalization and AI ... as well as green and low-carbon development ... to shape "future industries" of health, energy, space, material and Tech itself.

"Second, talent-wise, Shanghai must enhance its openness to more students, academics, engineers and scientists – from both across China and around the world.

"Attracting a diverse pool of talent will establish a strong foundation for industrial growth … particularly given the focus on the "future industries" I just mentioned.

"Third, from a quality-of-life perspective … the city should develop into one of the best places to work and live in the world. This will require further making Shanghai a cultural, entertainment, and shopping hub, known for its openness, clean air, and ease of living and doing business.

"And fourth, Shanghai needs to build its brand recognition worldwide for the points I just mentioned. For this, Shanghai can leverage its extensive sister-city network of 94 cities around the world … and ensure that visitors, as well as foreigners living in Shanghai, become genuine promoters of the city abroad.

"If Shanghai accomplishes the above … we believe it will be recognized as one of the top five cities in the world in 10 years or less. As always, Bain & Company, through IBLAC, is committed to supporting Shanghai in achieving this goal."