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According to the joint statement, the two countries will expand local currency settlement for bilateral trade, cross-border investment and financing and will strengthen exchanges for the formulation of macro-economic policies.

Erenhot, in the north of China's Inner Mongolia Autonomous Region, sits on the China-Mongolia-Russia railway and is the largest of a dozen ports along the 4,710-km China-Mongolia border, where the trade volume accounts for 70 percent of that between the two countries.

During the SOM3, held from Wednesday to Thursday, officials from 21 APEC members agreed on priorities for November's 2014 APEC, including advancing regional economic integration, promoting innovative development, economic reform and growth, and strengthening infrastructure connectivity, Tan told a press briefing after the meeting.

"Suzhou's leaders took a holistic approach and sought to achieve the triple goals of economic and social progress as well as the preservation of its significant historical heritage," he said.

Targeted controls aim to tackle problems in key sectors and weak links, relying more on market power and reforms, and are meant not only to stabilize economic growth, but also to adjust economic structure, Li said.