Premier Li Keqiang on June 26 called on all countries to enhance coordination to jointly face up to difficulties and challenges.

He made the remarks when he met with Klaus Schwab, World Economic Forum (WEF) founder and executive chair, in north China’s Tianjin Municipality during the Annual Meeting of the New Champions 2016, also known as the Summer Davos Forum.

This year’s forum, held from June 26 to 28, carries the theme of “the fourth industrial revolution and its transformational impact.” Premier Li will address the opening ceremony of the forum on June 27.

“The Summer Davos Forum has played an active role in promoting exchanges and cooperation between China and the world since it was first held in 2007,” Premier Li told Schwab.

This year’s theme, which complies with the trend of a new round of scientific, technological and industrial reform, is conducive to extending perspectives and accumulate consensus for the transformation and upgrading of all countries’ economic structures, Premier Li said.

As all economies are highly interdependent in the current world, no country can stay out and be immune to the risks and challenges, he said.

The increase of instable and insecure elements in a certain country or a certain region can cause the Butterfly Effect, which will in turn have an impact on the world economic recovery and the stability of financial markets, the Premier said.

He called on all countries to enhance coordination, work together to address difficulties and challenges, safeguard peace and stability, continue reform and innovation, stick to opening up and inclusiveness so as to realize a robust, sustainable and balanced growth of the world economy.

Schwab, for his part, said the WEF has established a good partnership with China.

The WEF will fully support the Chinese government in promoting reform and innovation, he said, adding that he believes China’s strategies including the transformation and upgrading of the manufacturing industry will add new impetus into the country’s development.

Around 1,700 politicians, entrepreneurs, scholars and media representatives from over 90 countries attend the forum this year.

The annual event is held alternatively in Tianjin and the northeastern coastal city of Dalian.