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Both sides will ensure smooth operation of a China-Russia crude oil pipeline, increase Russian oil exports to China, push forward construction of the dual-pipeline program in Chinese territory as well as the joint-venture refinery in north China's port city of Tianjin.

The 16+1 meeting mechanism, launched in 2012, has helped to deepen traditional friendship, strengthen mutually beneficial cooperation and promote China-Europe relations, Wang said.

First piloted in the Shanghai FTZ in 2013, the negative list model states sectors and businesses that are off limits to foreign investment, and will be adopted nationwide in the next five years.

Citing the "historic step forward" APEC leaders took in Beijing last year by launching the FTAAP process and the "worries about fragmentation" that have been on the rise with various new regional free trade deals cropping up, Xi urged that Asia-Pacific economies "accelerate the realization of the FTAAP and take regional economic integration forward."

"Peace and stability are both the starting points and the objectives of China's South China Sea policy," Xi said, noting China is "fully capable of and confident" in working with ASEAN members to maintain peace and stability in the region.