This year's meeting comes against the backdrop of an improving global economy and a rebound in global trade and investment, despite risks and uncertainties.
Sharing his observations about the global economy, Xi said the world is witnessing profound changes in growth drivers, the model of global growth, economic globalization and the system of global economic governance.
He called on the 21 APEC members to continue to foster an open economy that benefits all, pursue innovation-driven development and create new drivers of growth, enhance connectivity and achieve interconnected development, and make economic development more inclusive and deliver its benefits to the people.
Xi defended the significance of economic globalization in his speech, saying that it has contributed greatly to global growth over the last few decades.
"Indeed, it has become an irreversible historical trend," he said.
But he also acknowledged that economic globalization faces new adjustments in both form and substance.
"In pursuing economic globalization, we should make it more open and inclusive, more balanced, more equitable and beneficial to all," he said.
He pointed out that the current headwinds confronting economic globalization is mostly generated by the lack of inclusiveness in development.
"Hard work is still needed if we are to bring the benefits of development to countries across the globe and people across our society, and thus turn our vision into reality," he said.
President Xi renewed his call for building a Free Trade Area of the Asia-Pacific (FTAAP), saying it is the long-cherished dream of the business community in the region and can provide an institutional underpinning for growing an open economy in the Asia-Pacific.
Meanwhile, he again highlighted the important role of the Belt and Road Initiative.
"This initiative is from China, but it belongs to the world. It is rooted in history, but it is oriented toward the future. It focuses on the Asian, European and African continents, but it is open to all partners," he said.
"I am confident that the launch of the Belt and Road Initiative will create a broader and more dynamic platform for Asia-Pacific cooperation," he added.
SPEECH APPLAUDED
Following the APEC CEO summit, the Chinese president, along with other APEC leaders, held dialogue with representatives of the APEC Business Advisory Council, exchanging views on the new opportunities brought by the 19th CPC National Congress, the Belt and Road Initiative and other topics.
Peruvian President Pedro Pablo Kuczynski, who listened to Xi's speech at the CEO summit, spoke highly of the address.
He told Xi in a brief meeting after the speech that Peru attaches great importance to the relationship with China and hope to reinforce mutually beneficial cooperation in fields of infrastructure, investment, energy and mineral resources.
Meanwhile, Xi's remarks on economic globalization were applauded by other participants.
"In general, China, an economic power, can make important contributions to the regional economy so that the Asia-Pacific becomes a major engine to drive global economy and trade liberalization as stated by Xi," said Nguyen Thien Chi, member of Executive Committee of Ho Chi Minh City's Vietnam-China Friendship Association.
"Many people in the region want to establish the FTAAP soon to benefit from open and free trade and investment," he said.
"President Xi said the word 'inclusive' for many many times, and I think it's a good thing," said Sami Kteily, executive chairman of PEB Steel Buildings Co. Ltd. from Canada. "Economic growth shouldn't be restricted to one country. The whole region must benefit from the economic growth."
"I believe in multilateralism myself. I think the globalization is happening. It is the natural development of businesses and economies around the world," said Michael W. Michalak, senior vice president and regional managing director of U.S.-ASEAN Business Council.
"I think if Xi can lead the way to make it more inclusive, more fair, more open-minded, then that will be wonderful," he added.
