In 1979, China sent a delegation to the forum. It was the first Chinese delegation to Davos and marked the beginning of contact and cooperation between China and the forum.

In April 1979, Schwab visited China for the first time.

But it would take until 2006 for the WEF to open an office in Beijing, its first office outside Switzerland.

In the summer of 2007, the World Economic Forum began to hold meetings in Dalian, a coastal city in Northeast China, in addition to its annual meetings in Davos in winter.

The next year the summer meeting was held in Tianjin. The two cities have since taken turns hosting the annual Summer Davos Forum, which has increased influence over the years.

Every year, the host city of Dalian or Tianjin organizes an evening party before the Summer Davos to showcase Chinese culture and cuisine. The parties have attracted many visitors - and Professor Schwab was present every time.

In January, the municipal government of Tianjin held a themed activity called Night of Tianjin in the same venue that hosts Summer Davos. About 700 participants, including foreign political leaders, heads of international organizations, delegations from Fortune 500 enterprises and famed scholars, joined the gala that displayed the local culture.

Schwab said such pleasant cooperation with Tianjin makes him look forward to the upcoming eighth Summer Davos Forum and believes it will bring many surprises as eight is a lucky number in Chinese culture.

The year 2014 is crucial as it will see the global economy rebound for a full recovery, Schwab said.  

Chinese premier reassures world CEOs of growth	Preparation work at Summer Davos forum