SHANGHAI aims to be a global city of excellence by 2040, said Mayor Yang Xiong.

The drive to so would be accompanied by further development in the smart Internet industry, digitalization and innovative regulatory scheme, he said yesterday after the annual meeting in the city of the International Business Leaders’ Advisory Council.

The one-day meeting discussed the challenges and opportunities of making Shanghai a smart city, the transformation of industries, the role of small and middle-sized enterprises, supply of talent and the use of data to pursue the goal of becoming a global city of excellence.