Data, a source of innovation, may be stored on cloud platforms worldwide. Therefore, Shanghai can work to ensure "smooth and boundless" data flow, which in turn can enhance MNCs' R&D activities in the city, suggested Miguel Lopez, CEO of German industrial conglomerate thyssenkrupp AG.

Data is also at the core of robust investor protection, which is especially important amid the proliferation of AI, said Shriti Vadera, chair of Prudential Plc. She thus suggested Shanghai pilot shared testing protocols and requirements for explainability, invite global participation in sandboxes, and establish a trusted set of auditable data corridors to preserve privacy.

Dick Richelle, CEO of infrastructure provider Royal Vopak, even envisioned setting up a digital free trade zone in Shanghai, which is likely to further strengthen the city's productivity and growth.

These suggestions are by no means far-fetched, as Shanghai will vigorously advance pioneering reforms at all fronts, said the city's Mayor Gong Zheng in his keynote speech on Sunday. Internationally competitive policies and mechanisms will be introduced in Shanghai at a faster pace, he said.