The World Economic Forum (WEF) announced Wednesday northeast China's coastal city of Dalian will host the fifth Annual Meeting of the New Champions, also known as Summer Davos, from Sept. 12 -14 next year.

Andre Schneider, managing director and chief operating officer of the Geneva-based WEF, announced the decision at the closing ceremony of the fourth Summer Davos in Tianjin, also a port city in north China.

Tianjin Mayor Huang Xingguo said the forum is a world gathering with milestone significance which would help push forward sustainability around the globe and boost the healthy development of the world economy.

Some 1,500 world business and political leaders gathered at the?fourth Summer Davos forum from Monday till Wednesday and discussed how to maintain the momentum of the recovery while promoting sustained growth two years after the financial crisis sent the world economy into a recession.

Chinese Premier Wen Jiabao addressed the opening ceremony of the event, saying China is committed to creating an open and fair environment for foreign invested enterprises.

The WEF, established in 1971, is best known for its annual meeting at the Swiss winter resort of Davos, while the Annual Meeting of the New Champions in China mainly focuses on newly emerging businesses and nations.

The meeting is held every year in China since 2007. Tianjin had hosted the 2nd and 4th "Summer Davos", while Dalian had held the 1st and 3rd forum.