"We should enhance coordination on macro-economic policies and among regional free trade arrangements, and deepen regional integration" for closer partnership across the Pacific and long-term development within the area, he urged.

Speaking of what the Asia-Pacific's future should look like, Xi said the regional economies should build a region that seeks common development.

He called on the developed economies to provide stronger support and assistance to the developing markets. In the future, the Asia-Pacific should also stay committed to open development, promote innovation-driven development, and pursue interconnected growth, said Xi.

The Chinese leader said all members should maintain a multilateral trading system that is free, open and non-discriminatory, and oppose all forms of protectionism.

While pointing out that it is too costly to base growth on excessive resources consumption and environmental pollution, Xi said green and low-carbon development should be pursued.

He also noted that many of the regional members, especially the emerging and developing economies, need huge financial support to develop their infrastructure, which is key to maintaining economic growth and promoting connectivity and integration.

To do that, Xi suggested an Asian infrastructure investment bank be established so as to "fuel the sustained and steady growth of the Asian economy."

Also in his speech, the Chinese president described the industrial and business communities a "major force" for economic and trade development, as well as "an integral part in APEC cooperation."

He added that enterprises from other APEC members are welcome to invest in China, and be a part of China's endeavors of reforms and opening-up.

After wrapping up his state visits to Indonesia and Malaysia, the Chinese President arrived in Bali on Saturday afternoon to attend the APEC meeting, his first appearance at the summit since taking over the presidency in March.

During his stay on Bali island, Xi has met with a series of world leaders and representatives attending the meeting.

This year's APEC gathering, themed "Resilient Asia-Pacific, Engine of Global Growth," highlights such topics as achieving sustainable growth with equity, promoting inter-connectivity in the region, and attaining the Bogor Goals, a timeline for achieving free and open trade and investment in the Asia-Pacific.

APEC, a premier economic forum in the Asia-Pacific region established in 1989, has been committed to dismantling barriers and bottlenecks that interfere with business while nurturing closer economic ties.

The organization has grown to encompass 21 members across the Asia-Pacific region, accounting for approximately 55 percent of global gross domestic product (GDP) and 44 percent of world trade, according to data provided on its official website.

As the highest-level meeting of the APEC, the informal economic leaders' meeting has been held annually since its first convention in Seattle, the United States in November 1993.