The World Economic Forum formally opens in the Swiss town of Davos. The forum runs from Jan 20 to 23. [Photo: finance.sina.com.cn]

The World Economic Forum has formally opened in the Swiss town of Davos.

Philipp Roesler, the managing director of the WEF, says discussions will be dominated by the fourth industrial revolution and the current refugee crisis.

"This year's annual meeting has three main pillars. The first is of course the fourth industrial revolution. It also means the merger between the classical industry on the one hand and the digital industry on the other hand. The second pillar is the humanitarian imperative, how to deal with the situation on the ground, what about social cohesion and how to support, how to help the many refugees on a global level. And the third pillar is the question of the root causes."

Around 2,500 participants from more than 100 countries, including 1,500 business leaders and more than 40 heads of state and government, will be attending the annual meeting.

Chinese Vice President Li Yuanchao will attend a special session on China and address issues of the Chinese economy.

Other key figures will be U.S. Vice President Joe Biden, Secretary of State John Kerry, Israeli Prime Minister Benjamin Netanyahu and the foreign ministers of both Iran and Saudi Arabia.

The forum runs from Jan 20 to 23.