Key role for China in global trade

Schwab says rules-based system vital

China will play a leading role in shaping a new framework for global cooperation to maintain open markets and facilitate globalization, Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), said in Tianjin on Tuesday.

"China has the key role in the global transformation toward new development models," which are characterized by technological innovation and much more based on intangible and digital assets, he said.