TIANJIN - Chinese Premier Li Qiang said on Wednesday that the international economic and trade landscape is undergoing a profound change.

Li made the remarks when addressing the opening plenary of the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in North China's Tianjin municipality.

The global economic and trade system is becoming increasingly diverse, with the Global South rising rapidly, Li said, noting that while the growth of traditional trade is slowing down, emerging trade has grown against the odds.

Apart from impact on global institutions and multiplying regional collaborations, the world is also experiencing volatile declines of cross-border investment and growing risks of fragmented production and supply chains, Li added.