He promised that China are ready to work with the international community to address these risks and meet the challenges and contribute to economic stability and sustainable development in the world.

He noted that since joining the World Trade Organization, China has honored its commitments.

China's average tariff level has dropped from 15.3 percent of the pre-accession years to the current 9.8 percent, and China has abolished non-tariff measures, he said.

"We will continue to promote trade and investment liberalization and facilitation," he said.

While stressing that peace, development and cooperation represent the irresistible trend of the times, Zeng said China will pursue win-win cooperation with foreign nations and accommodate the legitimate concerns of other countries, especially the developing ones.

"We will work with all countries, international organizations and people from all walks of life to harness the power of collaborative innovation, pursue win-win cooperation, seize the opportunities together and share the benefits of development, meet challenges and work hard for global prosperity and progress," said the Chinese official.

The five-day WEF annual meeting started in Davos on Wednesday under the principal theme of "the Power of Collaborative Innovation."

The event drew the world's political and business elite, including 27 heads of state or government, and more than 110 government ministers.