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He warned Political Bureau members to avoid acting superior regarding their power or status, and tighten management of their family members and staff.

Already the second-largest trade partner to the region, China has pledged to work with Latin America to increase bilateral trade to 500 billion U.S. dollars and elevate investment in the region to 250 billion dollars by 2025.

While China's economy is going through restructuring and industrial upgrading, the region now faces challenges in further retiring excess industrial capacity, reducing reliance on labor and investment, as well as technological innovation.

In his speech, Xi called on the 21 APEC member economies to promote an open and integrated economy, enhance connectivity to achieve interconnected development, boost reform and innovation to create more internal driving force, and promote win-win cooperation to forge strong partnership.

The Chinese government will concentrate efforts on implementing the innovation-driven development strategy and the "Made in China 2025" strategy, and on advancing a deeper integration of mass innovation, industrialization and information technology, he said.