"We need to devote ourselves to win-win cooperation, resist protectionism and facilitate fair competition," added the president.
Hailing the proposed FTAAP "win-win and inclusive," Flores said many Asians look forward to China's dynamic leadership in realizing the plan as soon as possible despite some obstacles.
Meanwhile, Xi noted that monetary stimulus policies alone are not enough to address the deep-seated problems in the world economy.
The Chinese president suggested that greater efforts be made to advance economic structural reforms so that the supply system will be better adapted to the changing structure of demand.
"This is an area where the Asia-Pacific can take the lead in the world by adopting new ideas, models and pathways of development," said Xi.
Xi proposed to give full play to APEC's role as a policy platform and an incubator to strengthen cooperation in such areas as Internet economy, blue economy, green economy and urbanization, with a view to improving the region's capacity for independent innovation.
He also stressed the importance of implementing the Sustainable Development Agenda, and urged all countries to mobilize governmental, corporate and civil resources to make contributions to its implementation.
Quoting an ancient Chinese philosopher, he said the key to running a country is to make its people better-off.
"The ultimate aim of development is to serve the people by bringing more and more fruits of development to all our people," Xi said.
CHINA OPPORTUNITIES
As the world's second largest economy, China's economic trend is drawing great attention globally. In his speech, Xi briefed the CEOs on China's current economic situation and direction of reform, from which analysts saw great opportunities for regional cooperation and development.
"With global growth slowing down, China is working vigorously to overcome difficulties and meet challenges by strengthening macro-regulation and effectively advancing reforms," Xi said.
He said the overall economy of China has operated within the reasonable range and maintained steady and fairly rapid growth although monthly and quarterly economic indicators have somewhat fluctuated this year.
In the first three quarters, China's economy grew by 6.9 percent, contributing about 30 percent to global growth.
Considering China's economic scale of over ten trillion U.S. dollars, Xi said such a result has not come easily in the process of economic restructuring and transformation.
"In general, China's positive economic fundamentals and long-term trajectory remain unchanged. What also remain unchanged are the basic facts that China's economy has strong resilience, great potential and ample room for maneuver," according to the Chinese president.
Recognizing that China's economy is still grappling with a complicated internal and external environment, considerable downward pressure and the throes of deep reforms, Xi said there are "unprecedented" opportunities and challenges for China.
