China will prevent and resolve new risks and challenges brought about by new technologies, new businesses and new technological formats, said Xiao Yaqing, minister of China's industry and information technology on Thursday.

Speaking at a virtual meeting of the World Economic Forum, Xiao said China will continue to open up and improve its business environment while fending off such risks and challenges.

Xiao also said that it is very important to seize the opportunity of the Fourth Industrial Revolution and make the best use of AI and 5G to foster a more open and inclusive industrial environment.

(With inputs from Reuters)