Chinese President Xi Jinping said on Saturday that the world is facing new opportunities, challenges and risks amid profound changes in the global economy, stressing that measures must be taken to improve global governance.

In a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Papua New Guinea's capital Port Moresby, Xi put forward five proposals aimed at charting the right direction of the world economy and creating a better future for all members:

I. Stay open and expand the scope of development.

II. Pursue development in a way that delivers benefits to the people.

III. Take an inclusive approach and promote interaction and cooperation.

IV. Pursue innovation to tap new sources of growth.

V. Take a rule-based approach to improve global governance.

On openness and cooperation 

The Chinese president hailed openness and cooperation between APEC economies, calling for a continued commitment to openness.

Xi said the world is undergoing major transformations and facing many challenges and that mankind must decide between cooperation and confrontation.

Describing economic globalization as a "must-take path" for mankind, he noted that every nation has become a "key, integral part" of the interconnected global value chain, industrial chain and supply chain, forming communities of common interests and shared future."

"History has proven that only when we are committed to openness and cooperation, can we bring about more opportunities and greater room for development," he added.

On the other hand, Xi noted that diversity in the world should lead to cooperation instead of confrontation, calling on different nations to choose their own development paths.

"We should reject arrogance and prejudice, be respectful of and inclusive toward others, and embrace the diversity of our world," he said.

'Say no to protectionism'

Global growth is under the shadow of protectionism and unilateralism and we should take an inclusive approach and encourage interaction, Xi added. 

"If we set up barriers and cut the close connection between different nations, it is contrary to the economic rules and historical trends, and is inconsistent with people's common aspirations," said Xi, who criticized the approach as a "short-sighted choice" that leads nowhere.

Problems in the world cannot be solved through protectionism and unilateralism, he stressed.

"History has shown that confrontation – whether in form of a cold war, hot war or trade war – will produce no winners," he told business and political leaders attending the event.

Xi said disagreements between nations should be resolved through consultation, adding that attempts to impose one's will on others should be rejected. He also called for an increase in the say and representation of developing countries.

"International rules should be formulated by the international community, not in a might-is-right way," said the Chinese president.

Xi calls for 'inclusive' globalization

Calling "unbalanced and inadequate development" a primary issue facing the world today, Xi urged the international community to take actions to make economic globalization "more open, inclusive, balanced and beneficial to all," while upholding the multilateral trading system with WTO as its core.

"More than anything else, we should strive to deliver a better life to our people," he stressed. "Every country is entitled an equal right to development, and no one has the right or the power to stop people in developing countries from pursuing a better life."

Xi called on developed countries to help developing countries reduce poverty.

"We should help people in all countries live a better life and this is what fairness is essentially about," he noted.

Besides, Xi stressed that scientific and technological innovation should meet the needs of the people, rather than becoming "profit-making tools for just a few."

'No geopolitical agenda'

China will host the second Belt and Road Forum for International Cooperation next year and will continue to hold the China International Import Expo annually, Xi said, adding that China welcomes international cooperation to increase global economic growth. 

Proposed by Xi in 2013, the Belt and Road Initiative which comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims at building trade and infrastructure networks connecting Asia with Europe and Africa along and beyond the ancient Silk Road routes.

"China's Belt and Road Initiative is not designed to serve any hidden geopolitical agenda, it is not targeted against anyone and it does not exclude anyone. Nor is it a trap, as some people have labeled it," Xi told the audience.

This year marks the 40th anniversary of the start of China's reform and opening-up policy. Xi reviewed how the country has transformed itself from a poor nation to the world second-largest economy.

"It is the relentless efforts of the Chinese people that have made China what it is today," he said, adding that the country has pursued development through opening up.

This year's APEC meeting is being held in the Pacific island country of Papua New Guinea with the theme of "Harnessing Inclusive Opportunities, Embracing the Digital Future."

Leaders and representatives from 21 member economies are expected to engage in discussions focused on building common ground on trade to ensure economic growth, employment and better quality of life for the people in the region.