Guangzhou is set to further global free trade and innovation by welcoming multinationals to the Fortune Global Forum in December, a government official said during the World Economic Forum in Davos, which ended on Friday.

"As a city, openness and innovation is in our DNA. Guangzhou is a trading port never closed to the outside world, a starting point on the Maritime Silk Road, and we will remain open," said Cai Chaolin, deputy mayor of the city.

Cai was speaking at a news conference on Wednesday in Davos, one day after President Xi Jinping gave his keynote speech defending globalization and promising to further open up China's economy so the country could further contribute toward globalization.

It will be the fifth time that the Fortune Global Forum, to be held Dec 6-8, will be hosted in China. Fortune said the choice of Guangzhou was due to the city's business-friendly reputation.

Guangzhou has established economic and trade relationships with over 200 countries and regions. More than half of the Fortune Global 500 companies have invested in the city.

Fortune Editor-in-Chief Alan Murray said this year's theme, "Openness and innovation: shaping the global economy", fits closely with the emphasis on globalization mentioned in Xi's speech and the philosophy of the World Economic Forum.

"We're living at a time when many in the US and Europe have raised questions about globalization. There is some criticism of Davos, which for almost 50 years has been a place where people come to discuss the future of globalization. The vast majority of (Fortune 500) operate on a global scale. They and we are committed to globalization, which is irreversible," Murray said.

"I feel proud that the forum will be held in our city. It will be a good opportunity for us to exchange views and discuss partnership opportunities with globally leading firms," said Li Chuyuan, chairman of Guangzhou Baiyunshan Pharmaceutical Holdings.

Guangzhou has topped the Forbes list for best Chinese cities for business five of the past six years.

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