The annual meeting of the World Economic Forum opened yesterday in Davos, Switzerland, amid high hopes of a lasting global recovery despite its tepidness.

It is no surprise that this latest optimism contrasts sharply with the prevailing panic that was highlighted by the unusual absence of many top Western bankers from last year's gathering of global decision-makers.

At that time, the world economy was right in the thick of the worst global recession in decades and a large number of financial giants in developed countries found themselves on taxpayer-paid life support.

But now, after the Chinese economy has beaten all forecasts to grow by 8.7 percent year-on-year last year, the International Monetary Fund (IMF) predicted that the largest emerging economy is to expand 10 percent this year and 9.7 percent next year, giving a huge boost to the ongoing global recovery that has happened faster than previously anticipated.

Globally, the IMF said on Tuesday that the economy is recovering faster than previously expected and will grow 3.9 percent this year and 4.3 percent in 2011.

With the benefit of hindsight, it is easy to recognize the important role that China has played as both a growth engine to the world economy and a source of confidence for the international community to fight the global crisis.

Therefore, all participants should lend their ears to Chinese Vice-Premier Li Keqiang's address at the annual meeting in Davos today. A year ago, few had placed adequate faith in Premier Wen Jiabao's talk of the country's determination to achieve 8-percent gross domestic product growth in spite of the difficulties at home and abroad. It only looks even more unwise to question China's ability to maintain its growth momentum when many economies around the world are set to expand again at various rates this year.

Li arrived in Switzerland on Monday for a four-day visit, discussing the creation of a free trade area between the two countries that coincides with the 60th anniversary this year of the establishment of their diplomatic ties. He will also hold talks with World Economic Forum (WEF) President Klaus Schwab.

With the theme "Improve the State of the World: Rethink, Redesign and Rebuild", the WEF provides all participants a good chance to review the crisis and the responses from a global perspective.

The need for decision-makers to work together to address pressing challenges and future risks is urgent. But to set in motion a spiral of necessary changes first requires a thorough re-examination of the causes of the crisis as well as the mid- to long-term consequences of those countercrisis measures.

That means the presence of overpaid bankers at the forum should not be allowed to only represent the start of a return to "business as usual". Real reforms to meet the 21st century's needs have just begun.