More than 2,500 elites from over 100 countries gathered here Wednesday to address the challenges and risks facing the world and strive for forging new shared norms for the world.

During the five-day meeting of the 41st World Economic Forum, participants will focus their discussions on four main topics: responding to the new reality, the economic outlook and defining policies for inclusive growth, supporting the G20 agenda and building a risk response network.

This year's theme of "Shared Norms for the New Reality" reflects the foremost concern of the world today.

"The world has fundamentally changed," WEF founder and Executive Chairman Klaus Schwab said prior to the meeting, "One of the most important factors of the new reality is the shift of geopolitical and geo-economics power from north to south, from west to east."

He also stressed: "In Davos this year, instead of looking only at the aftershocks of the recent crisis, we will concentrate on defining the new reality and discuss which shared norms are required for making global cooperation possible in this new age."

Over 200 sessions and seminars will be held during the annual conference, dedicated to economic recovery and growth, shift in global political and economic power, global risks, sovereignty debt crises, environmental sustainability, financial systems reconstruction, health and social development.

At nearly 40 sessions on the opening day of this year's meeting, the participants will discuss topics ranging from the resilient economic recovery and inclusive growth, top global risks in 2011, green technology, alternative energy to international financial regulatory framework, insights on China and the future of employment.

According to the WEF, the participants of the meeting include more than 1,400 business leaders from the world's top 1,000 companies, over 30 heads of state or government, and about 30 leaders of international organizations and NGOs. They are joined by academic, cultural, religious activists as well as representatives from civil society, media and other circles.

The World Economic Forum, based in Geneva, is an independent non-profit international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.