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Since its inception, the APEC has made positive contributions to facilitate regional trade, investment, and economic integration, Geng said, adding that China stands ready to work with all parties to strengthen partnerships and enhance cooperation through relevant mechanisms including APEC, so as to make new contributions to the development and prosperity of the Asia-Pacific region.

Panama was also the first Latin American country to have signed a memorandum of understanding with China to promote the Belt and Road Initiative.

Germany opposes protectionism in any form, said Steinmeier, adding that the country will continue to promote cooperation between Europe and China and boost connectivity between Eurasia and China.

Thirdly, the economies should focus on inclusiveness and promote interactions.

Noting that China and the Philippines share extensive common interests on the South China Sea, Xi said the two countries can continue to manage differences through friendly consultations, promote practical cooperation on the sea and make due contribution to regional peace and stability and the welfare of the peoples.