Klaus Schwab, World Economic Forum (WEF) founder and executive chair, speaks at the opening ceremony of the Annual Meeting of the New Champions 2016, or Summer Davos Forum, in Tianjin, north China, June 27, 2016. (Xinhua/Pang Xinglei)

The opening ceremony of the Annual Meeting of the New Champions 2016, or Summer Davos Forum, is held in Tianjin, north China, June 27, 2016. (Xinhua/Zhang Duo)