Chinese President Xi Jinping addresses the APEC CEO meeting in Manila, the Philippines, Nov 18, 2015.[Photo/Xinhua]

"We need to devote ourselves to win-win cooperation, resist protectionism and facilitate fair competition," added the president.

Meanwhile, Xi noted that monetary stimulus policies alone are not enough to address the deep-seated problems in the world economy.

He 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.

He 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.

The Chinese president 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," he said.