(Maurice Greenberg and Zhu Rongji. Photo provided by Starr Companies)

Looking back to the first council, we can still feel China’s willingness to open to the outside world and listen to helpful suggestions. As Mr. Greenberg put it, “The council was very important. Zhu Rongji wanted to bring more foreign companies to Shanghai, to develop Shanghai faster. There was no problem getting members to join. They had a strong interest in Shanghai. And particularly, when Zhu Rongji was the mayor, his vision was very important.”

Since 1989, IBLAC has been held annually, generally in autumn. A total of 39 members from 16 countries around the world and 7 honorary members attended the 2017 session. With different industry backgrounds, they have offered many development insights to the Shanghai government.

Mr. Greenberg himself is a frequent attendee of IBLAC, having put forward many constructive suggestions. For instance, in 2008, as the world was swept by the financial crisis, his speech at the IBLAC pointed out a direction for Shanghai: Liberalizing currency control can help Shanghai become a real international financial center, but now is not the best time. Shanghai should not be hasty. An international financial centre requires free flows of capital and free currency exchanges. A truly international financial center cannot flourish if there is control on currency exchanges.

(Mr. Greenberg delivered a speech at the 22nd IBLAC on October 10, 2010.)