The World Economic Forum on Sunday signed a memorandum of understanding (MoU) with China’s top economic planner – the National Development Reform Commission - to develop closer collaboration fostering public-private cooperation in support of the Belt and Road Initiative.

The memorandum was signed by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, and NDRC Chairman He Lifeng.

Under the terms of the memorandum, the two parties commit to establishing a new collaboration platform as well as to expanding the scope and substance of collaboration, in particular by conducting regional or country-specific analysis to identify and share best practices and solutions, according to a press release from the World Economic Forum.

Plans will be developed further at the World Economic Forum Annual Meeting of the New Champions in Dalian, China, on June 27-29, 2017, where the forum will focus its convening power on generating further multi-stakeholder participation in the Belt and Road Initiative, the release said.

"The Belt and Road Initiative is designed to build a closer and stronger partnership network by following the principle of wide consultation, joint construction and shared benefits. With the World Economic Forum’s support, in particular, its inputs and contribution with regard to building an extensive global business and expert network, it would help catalyze practical cooperation in policy communication, infrastructure connectivity, trade promotion, financial support and people-to-people exchange," said He, chairman of the NDRC.

Schwab is participating in the Belt and Road Forum for International Cooperation in Beijing.

In an address at a high-level dialogue on the first day of the forum on Sunday, Schwab offered his full support for the Belt and Road Initiative, sharing five observations in keeping with the Forum’s mission to improving the state of the world through public-private cooperation:

? Based on a multi-stakeholder approach, which is conducive to dialogue, multilateral cooperation and long-term shared interests

? Leverages market forces while promoting greater social inclusion and risk resilience

? Helps prepare economies for the Fourth Industrial Revolution

? Is based on an "open platform" concept which could enable increasingly dynamic interaction and innovative outcomes

? Represents a positive message for resetting the world on a path towards shared value and global harmony

"This initiative respects the differences between countries and their various paths for development, not imposing a specific plan or ideological framework, but seeking to create common ground for cooperation and mutual benefit," said Schwab.