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"Commercial endowment insurance shall be vigorously developed. In the past few years, new industries and new business models have emerged as China deepens reform of government functions and encourages entrepreneurial and innovation activities nationwide," Li said.

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Countries around the globe need to improve the global governance system through strengthened multilateral coordination, he said, adding that China will continue to advocate and practice multilateralism, firmly uphold the UN-centered international system.

In a keynote speech delivered via video link at the APEC CEO Dialogues, Xi said that China will open its door still wider to the world, and China's new development paradigm will enable the country to fully unlock its market potential and create greater demand for other countries.

Chinese internet and logistics companies have been leveraging their strong technological and supply chain management capabilities, as well as their large user bases, to help contain the virus and facilitate work resumption.