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During the APEC meeting, Xi announced that China has established and put into operation the Silk Road Fund, and is now working actively with more than 50 countries to prepare for the launch of the Asian Infrastructure Investment Bank (AIIB).

The Chinese government has said in a statement that the signing of the FTA was a significant development because, of all the FTAs involving China, this one boasted the "highest level of overall trade and investment liberalization."

"Singapore acted as a think tank for China's reform and opening-up in the 1980s. From the 1990s to the first generation of the 21st century, the city state played a vital role in China's drive to seek foreign capitals and industrialization," said Chen Gang, a research fellow with the East Asia Institute of NUS, citing the Suzhou Industrial Park as a solid example.

China will buy Malaysian government bonds in line with the market rules, he said, calling for more joint efforts to stabilize financial markets and boost investment and trade cooperation to tackle global financial instability and other economic woes.

Bilateral trade between China and the 16 CEE countries reached over 60 billion U.S. dollars last year amid sluggish global economic growth, indicating tremendous trade and investment potential, Li made the remarks while addressing the opening ceremony of the fifth economic and trade forum between China and CEE countries.