The 2019 Bloomberg New Economy Forum opened in Beijing on Thursday. The forum, with its focus on new economies, and opportunities that innovation could bring, has brought together global leaders to discuss a set of global challenges and take action.

Chinese Vice President Wang Qishan said in his keynote speech that reform and innovation will continue to drive China's growth. Wang mentioned the necessity to follow the trend of our times, and called for making sensible decisions for a shared future.

"Only reformers can accomplish the challenges. We need to innovate to control our own destiny. We should understand that we are all in the global village. We share one common destiny. We should make rational choices based on this concept," said Wang.

Wang also noted that China has never stopped integrating itself into the world, and every step China takes will be not only proactive but also calm and steady. He said Chinese people know what they want and what it takes. And China will take into account not only what's "necessary," but also what's "possible."

Wang also called for more dialogue and cooperation to increase understanding and tackle the trust deficit.

"We should discuss together, develop jointly and share resources in terms of global governance. Multilateral trade and relationship democratization are what we advocate. We call for trust and a fairer governance system," Wang detailed.

He added that "trust is based on continuous understanding and is crucial for cooperation. We could get to know each other's national conditions and history through books and media, and more importantly, from dialogues as well as cooperation."

Wang also pointed out that understanding can be gained through books and media, and more effectively through dialogue and cooperation… "Together we can find new solution to the wars and peace deficit. Between war and peace, there is no doubt we will choose peace."

Former U.S. Treasury Secretary, Hank Paulson, in his remarks said that "the forum is held in the fastest growing economy," and the world economy is facing some "really tough challenges," calling for government to work with the private sector to deliver solutions.

The New Economy Forum, established in 2018, is a community of global leaders engaging with the world's most significant changes and challenges.

Nearly 500 of the world's most influential business executives, technology innovators, government officials, experts and academics from more than 60 countries and regions are gathering in Beijing for the two-day event. They will propose solutions to the massive disruption that's occurring, as the balance of economic power shifts towards the Asia Pacific.

(Guan Xin also contributed to the story)