Given that China has adopted the dual circulation development pattern and how world economic growth is facing more uncertainties due to the COVID-19 epidemic, Shanghai should further open up and seek new development paths, said government officials and top executives at the 32nd International Business Leaders' Advisory Council (IBLAC) for the Mayor of Shanghai.

According to Shanghai's Party Secretary Li Qiang, the value of Shanghai lies in providing more functional services for China and the world. Meanwhile, the development of Shanghai is highly dependent on its close ties with the rest of the country and the world, he added.