Second Shanghai-New York 'River Dialogue' Is Held With Focus on Global Organizations

(Yicai) Dec. 17 -- The second 'A River Dialogue Between Shanghai and New York' was successfully held in Shanghai, focused on decoding the interaction and cooperation between global metropolises and international organizations.

Even though Shanghai and New York have different historical and cultural backgrounds, they hold strategic value for deepening cooperation in the context of globalization, Yu Hongjun, former vice minister of the International Department of the Communist Party of China Central Committee, said at the conference on Dec. 15.

Shanghai and New York should engage in dialogue to explore pathways to address global issues, promote interconnection and mutual learning, and complement each other's strengths based on mutual respect, Yu noted.

As rapidly developing metropolises, Shanghai and New York both possess a significant magnetic effect, naturally attracting talents, Hong Yongqing, director of the Shanghai Office of the Council for Promoting South-South Cooperation under the Chinese Ministry of Foreign Affairs, told Yicai.

Hong believes that the establishment of international organizations in Shanghai can significantly promote the development of Chinese technology, agriculture, and modern service industries, thereby effectively enhancing the country’s weight in global affairs.

The presence of international organizations in Shanghai can bring advanced global concepts and standards, helping the city connect to the world, Sha Hailin, president of the Shanghai Public Relations Association, said in his opening remarks at the conference. Meanwhile, Shanghai provides high-quality urban services and a favorable market environment to international organizations.

Both Shanghai and New York have strong and reliable financial systems, Michael J. Rosenthal, chief executive officer of Rosenthal Business Consulting and its Shanghai office, told Yicai. This enables international organizations to more easily conduct financing, budget management, and cross-border capital flows through established networks of banks, investors, and markets, he explained.

This financial strength, combined with clear legal regulations, allows global organizations in metropolises to confidently manage risks and implement projects, further translating into tangible employment and investment opportunities, Rosenthal added.

Against the backdrop of global geoeconomic fragmentation, international organizations can play the role of "stabilizing connectors," according to Rosenthal.

Even during times of uncertainty, through long-term ties in education, culture, business, and finance, international organizations as neutral platforms can sustain dialogue and transform shared challenges into tangible and constructive cooperation, Rosenthal pointed out.

Despite the challenges, he remains optimistic about strengthening US-China relations. This institution-driven collaboration is a powerful driver of stability and trust, he believes.

Shanghai is a key gateway for US companies entering the Chinese market, said Noah Fraser, senior vice president and China representative of the US-China Business Council. He emphasized the importance of a transparent and fair business environment, market openness, and cultural exchange ties.

The US-China Business Council will continue to play a bridging role in promoting US-China policy dialogue and innovative collaboration, Fraser noted.

There are 49 international organizations based in Shanghai's Pudong New Area, which are one intergovernmental organization -- the New Development Bank of BRICS -- and 48 non-governmental organizations, Xu Xin, deputy district mayor of Pudong, said during his speech at the conference.

Through the implementation of the Global Organizations Cluster Plan, Pudong has successfully developed the New Bund Global Economic Organization Cluster, Xu noted. In the future, efforts will focus on constructing the Overseas HQ Cluster and the Shanghai Eastern Hub International Business Cooperation Zone.

Hongqiao area, supported by government policies, has created a new international trade center platform and established a global legal hub and an international professional service cooperation network to promote the cross-border flow of goods, capital, talent, and others, said Jia Kaijing, director of the investment promotion department of the Shanghai Hongqiao International Central Business District Administrative Committee.

By building a specialized and international trade service system, the Shanghai Hongqiao International CBD has attracted 50 international investment and trade promotion organizations, connecting over 150 countries and regions and forming a trade network that covers key global markets.