Further facilitating smoother flows of capital, data, and talent can help Shanghai seek innovation-driven economic growth and further consolidate its role as an international gateway featuring openness, innovation, and inclusiveness, said officials and executives of multinational companies on Sunday.

They made the comments during the 37th International Business Leaders' Advisory Council for the Mayor of Shanghai, or IBLAC.

Shanghai's Party secretary Chen Jining said in the opening remarks that the city will deepen basic research, which entails higher risks but higher value. Shanghai will also strengthen the mapping in frontier and disruptive technologies so that it can give full play as a technology innovation pioneer.

Roland Busch, CEO of Siemens AG, said that data from one single company is of little value, for the training of large language models is highly dependent on quality data. Therefore, the company reiterated the importance of setting up a cross-border industrial data sharing mechanism to build stronger LLMs.