A global conference dubbed "the Olympics in the industry of economic ethics" was inaugurated in Shanghai on Wednesday, to enhance multi-functional and cross-cultural cooperation in the field.

More than 300 of the world's top experts from more than 30 countries participated in the conference hosted by the International Society of Business, Economics, and Ethics (ISBEE) and themed "Ethics, Innovation and Well-Being in Business and the Economy" this year.

They will discuss and give keynote speeches on many topics including ethics and innovation in different trades, the current business ethics in changing business environments, ethics regarding supply chain management, and worker participation, during the four-day conference.

Food and drug safety scandals and air pollution in China have triggered queries from the international society of the social responsibility of enterprises and economic ethics of the country, Wang Zhan, president of the Shanghai Academy of Social Sciences, which organized the conference, the first of its kind in China, said during a speech.

"The conference will also facilitate the international society to better understand what efforts the country has made in business ethics," he said.

Founded in 1989, ISBEE is the first worldwide association dedicated to the research of business, economics and ethics, and is the most influential in the field.