World Economic Forum Executive Chairman Klaus Schwab poses for photos with volunteers. The Annual Meeting of the New Champions, also known as the Summer Davos, concluded in North China’s Tianjin on Tuesday.

China will expand market access for foreign investment to help drive industrial upgrades and its economic transition, Premier Li Keqiang said on Tuesday.

The nation is under rising pressure due to the sluggish world economic environment, and the country is expected to continue to open up and deepen reforms to maintain growth, an official noted Tuesday at the annual Summer Davos held in North China’s Tianjin.

China’s move to initiate two highly publicized programs, the Asian Infrastructure Investment Bank (AIIB) and the “One Belt and One Road initiative” (B&R), was a response to unmet needs and not an imposition on other countries, the top official at the newly established multilateral bank said Tuesday.

China’s economy will not experience a hard landing despite the uncertainty complicated by Britain’s referendum to leave the European Union, Chinese Premier Li Keqiang said on Monday, calling for joint efforts to face the challenges.

Speaking at this year’s Summer Davos opening ceremony, Premier Li Keqiang put particular emphasis on cultivating China’s new economy as the country moves ahead with economic restructuring, notably transformation and upgrade of traditional industries.

With the theme of this year’s Summer Davos in Tianjin revolving around the Fourth Industrial Revolution, or Industry 4.0, and its transformational impact, recasting manufacturing has been put on the priority list of the world’s economy, the reform-bound Chinese economy, in particular.

The Chinese economy was a controversial topic at the four-day World Economic Forum, which concluded Saturday in Davos, Switzerland. On one hand, some Western media such as the New York Times pointed out the worries about China’s economy that were expressed at Davos. On the other hand, IMF Managing Director Christine Lagarde said at the forum she remains confident in China’s economy. And The Guardian published an op-ed article with the headline “Don’t blame China for these global economic jitters.”

Following a speech by Premier Li Keqiang, economists and business leaders at the Summer Davos forum in the port city of Dalian agreed that innovation and entrepreneurship will become China's new economic drivers.