China is committed to peaceful development and high level opening-up, Chinese Premier Li Qiang emphasized during a meeting with Klaus Schwab, executive chairman of the World Economic Forum (WEF), in Tianjin on Monday.

Li said China is ready to work with all parties to build an open world economy and promote the building of a community with a shared future for humanity.

Noting that globalization has made all countries closely intertwined in the world economy, he said it is "an irreversible historical trend" for them to cooperate and coordinate with each other.

Countries should enhance understanding, improve mutual trust, reduce misjudgment, adhere to mutual benefit and win-win outcome, and foster more convergence of interests in joining hands to overcome common challenges and create a better future, he added.

Schwab, on his part, said the WEF is ready to deepen partnership with China and promote all parties to strengthen communication, enhance mutual trust, and expand cooperation to secure mutual benefits and win-win results, address global challenges such as climate change, and promote the building of a community with a shared future for humanity.

The meeting between the two sides came one day ahead of the opening ceremony of the 14th Annual Meeting of the New Champions of the WEF, also known as the Summer Davos Forum, in Tianjin.