Premier Li Keqiang met with World Economic Forum (WEF) founder and executive chairman Klaus Schwab in Tianjin on June 26.

The Premier said the Summer Davos, which has been held for 10 years, played an active role in promoting exchange and cooperation between China and the outside world. This year, the theme is “the fourth industrial revolution and its transformational impact.”

It conforms to the developing trend of the new round of science and technology revolution and industrial changes, and will help to broaden world countries’ thoughts on the transformation of their economic structure.

World economies are now highly interdependent, the Premier said, adding that instability and the rise of uncertain factors in a nation and region may trigger a butterfly effect and affect global economic recovery and financial stability.

Therefore, he says, all parties need to strengthen coordination, work together to tackle difficult challenges, safeguard peace and stability, promote reform and innovation and adopt an open and tolerant attitude so the world economy can maintain a strong, sustainable and balanced growth.

Schwab said the World Economic Forum had established a sound partnership with China and would fully support the Chinese government’s reform and innovation efforts. He expressed his belief that China’s manufacturing transformation and upgrade would provide new drivers for China’s development.