The World Economic Forum (WEF) aims to implement a global risk-response network, the forum founder and Executive Chairman Klaus Schwab said Wednesday.

"The last financial crisis was not a shock like a volcano eruption, but it came creeping, firstly invisible. As the financial crisis led to a global economic and even social crisis, we see the need of implementing a global risk-response network of global institutions," Schwab said at the closing plenary session of the WEF summit on the Global Agenda.

He Yafei, ambassador and permanent representative of the People 's Republic of China to the United Nations in Geneva, agreed with Schwab and said two aspects characterized the world in the last decade.

"Firstly, globalization is accelerating and global wealth increases tremendously. Secondly, we see an explosion of global challenges, some of which are very difficult to tackle," said He.

The three-day forum, chaired by Schwab and co-chaired by United Arab Emirates Economy Minister Sultan Al-Mansouri, focused on how to better discover crisis in the future and how the nations can coordinate to tackle the crisis. The main plenary sessions attracted more than 600 delegates and two dozens of high-profile speakers.