The opening day came as China was ranked the world’s fourth largest economy after financial officials reported near double-digit growth for last year.
Speaking at the forum, Chinese Vice Premier Zeng Peiyan said that the economic giant hadn’t finished growing, pledging to double per capita income by 2010.
"The market economy has taken root," said Mr Zeng.
"The next few years are a window of important opportunities."
He added that China’s next five-year economic cycle would put greater emphasis on social progress and tackling rural poverty.
"In a vast country of over a billion people, it will take years or even decades of hard work to achieve even moderate prosperity and basic modernisation," Zeng said.
Meanwhile German Chancellor Angela Merkel, the keynote speaker for the five-day forum, argued for less restrictions and greater freedom to develop in the harshly competitive economic landscape.
"We must believe that our country can live better from its ideas," Chancellor Merkel said.
"We have no choice but this urgency to change," she said.
Executives were eager to hear Chancellor Merkel’s plans of how she’ll pull Germany out of its economic stagnation.
Economic growth for this year is predicted to be 1.5 per cent with unemployment at more than 11 per cent.
"We are as if paralysed by events, and do not seem to be able to overcome them," she said in her half-hour speech.
"Something has to be done. We as the biggest economy in Europe must assume our responsibilities in Europe. We have to do it in our own particular way," Ms Merkel said.
In practical terms it means sweeping reforms on tax, reducing labour costs, revamping Germany's federal structure "in order to improve and expedite decision-making" and creating long-term stability to attract investors.