A view of a one-stop administrative service center in the Lingang Special Area of the Shanghai Free Trade Zone [Photo/Xinhua]

Shanghai held its first Y50 Forum for innovation and entrepreneurship amid the COVID-19 pandemic on April 25.

At the event, industry leaders and young entrepreneurs discussed how to pursue development opportunities amid the crisis, boost the confidence of young innovators and entrepreneurs, and encourage global talent to display their innovative capabilities in the city.

Shanghai has long been an attractive city for investors, innovators, and entrepreneurs. More than 5 million young innovators and entrepreneurs in the city have turned it into a scientific and technological innovation hub and are expected to inject new vitality into a slowing economy amid the pandemic.

The pandemic has impeded economic and social development around the world and has posed a challenge to innovators and entrepreneurs. However, Shanghai did not lose its edge and has found new business opportunities.

During the pandemic, intelligent technologies such as AI, 5G, internet, big data, and blockchain have combined with modern manufacturing, finance, cultural consumption, education, and health, strengthening the city's online economy.

Through innovation in technology, operational techniques, and development models, many enterprises in Shanghai are broadening their horizons.

The Shanghai-based conglomerate Fosun International arranged for medical supplies from around the world to be imported and used to support frontline hospitals at the beginning of the outbreak. It also produced nucleic acid testing reagents and begun developing COVID-19 vaccines with its partners in a timely manner.

Meanwhile, financial service provider East Money lent support to medical workers on the frontlines through its various foundations, and video-sharing platform Bilibili, a learning platform designated by the Shanghai Municipal Education Commission, provided a large number of free high-quality courses for junior and primary school students.