(Yicai Global) June 28 -- World leaders, including the prime ministers of New Zealand, Barbados, and Vietnam, are at the World Economic Forum's 14th Annual Meeting of the New Champions, also known as the Summer Davos, in the Chinese city of Tianjin.

About 1,500 individuals from more than 90 countries and regions are attending the forum, which kicked off yesterday and runs through tomorrow.

Cooperation among different industries, areas, countries, and cultures is necessary to create a more peaceful, tolerant, sustainable, and resilient future, WEF founder and Executive Chairman Klaus Schwab said during the opening session.

Schwab speaks at the opening session of the Summer Davos.

Zhang Yuzhuo, director of China’s State-owned Assets Supervision and Administration Commission, New Zealand PM Chris Hipkins, Barbados PM Mia Mottley, Vietnam PM Phạm Minh Chính, WEF President Børge Brende, and Ngozi Okonjo-Iweala, director-general of the World Trade Organization, speak during the ‘Braving the Headwinds: Rewiring Growth Amid Fragility’ session. 

Hipkins emphasizes the importance of green economy transformation, noting "the whole world will need to work together to solve challenges around climate change.”

Mottley said cooperation is crucial for dealing with climate change, bridging the digital and other divides. 

According to Chính, the world faces various challenges, including a slowing economy, inflation, the aftermath of the pandemic, and the impact of geopolitical factors on the security of grain and energy supplies. Developing countries are hit harder amid external challenges and, therefore, should unite to solve problems, he added. 

Okonjo-Iweala noted that there will be a 5 percent loss in global gross domestic product from trade decoupling, so the issue should be taken seriously to avoid this and new opportunities in the trade area need to be seized, including boosting global supply chain resilience and the development of digital trade.

Editors: Zhang Yushuo, Martin Kadiev