China will fulfill its pledges to counter climate change and honor the Paris Agreement, he said.

REFORM AND OPENING UP

This year marks the 40th anniversary of China's reform and opening-up drive, which is the very reason behind China's robust growth over the past four decades.

China has to advance reform and open up at a faster pace, Liu said.

China will further integrate with international trade rules and ease market access. China will also substantially open up the services sector, the financial sector in particular, and create a more attractive investment environment, he said.

China's vast domestic market, with a fast-growing middle-income population of 400 million, already the world's biggest, will contribute significantly to global development, Liu said.

The official also warned that deep-seated problems in the world economy have yet to be fixed, calling for concerted global efforts.

"Multiple risks and considerable uncertainties come in the form of high debts, asset bubbles, protectionism and the escalation of regional and international hotspots," Liu added.

Liu's speech is part of the 400 forums, discussions and meetings during WEF 2018 that lasts from Jan. 23 to 26.

Under the theme of "Creating a Shared Future in a Fractured World", this year's forum is bringing together a record number of heads of state, government and international organizations alongside leaders from business, civil society, and academia.

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