Chinese President Xi Jinping has reaffirmed Beijing's commitment to multilateralism at the APEC CEO meeting in Papua New Guinea. President Xi said the world's economies have reached a crossroad, faced with choosing between cooperation or confrontation. Greg Navarro has more.

China's president began his speech before a packed room by focusing on the world's economy.

XI JINPING CHINESE PRESIDENT "While economic globalization surges forward, global growth is shadowed by protectionism and unilateralism."

Xi Jinping used his 30 minute speech to touch on several themes, including reforms and economic cooperation. He also responded to criticism of China's Belt and Road Initiative.

XI JINPING CHINESE PRESIDENT "What I would like to make clear is this -- the Belt and Road Initiative is an open platform for cooperation, guided by the basic principles of consultation and collaboration for shared benefits. It is not designed to serve any hidden geopolitical agenda. It is not targeted against anyone and does not exclude anyone. It is not an exclusive club, closed to non-members, as some people have said, nor is it a trap, as some people have labelled it. Rather, the Belt and Road Initiative is a major, transparent initiative with which China pursues common development goals with the rest of the world."

The Chinese president also touched on the trade war, without mentioning the US by name.

XI JINPING CHINESE PRESIDENT "History tells us taking the road of confrontation, whether in the form of a cold war, open war or a trade war will produce no winners."

US Vice President Mike Pence was much more direct. Pence, attending the APEC meeting in place of President Donald Trump, declared that there will be no end to the trade war unless China changes its policies.

MIKE PENCE US VICE PRESIDENT "We have taken decisive action to address our trade imbalance with China. We put tariffs on $250 billion in Chinese goods, and we could more than double that number."

GREG NAVARRO PORT MORESBY "There has been a lot of attention focused here at the APEC meeting on the potential for an escalating trade war, and more importantly, the global economic fallout."

That has prompted warnings from the leaders of several economies, including Papua New Guinea's closest neighbour, Australia.

SCOTT MORRISON AUSTRALIAN PRIME MINISTER "Tit for tat protectionism and threats of trade wars are in no one's interest economically and undermine the authority of global and regional trading rules that benefit us all."

Including, said Australian Prime Minister Scott Morrison, the people and families who live in those economies. Greg Navarro, CGTN, Port Moresby.