GYEONGJU, South Korea -- President Xi Jinping said here on Saturday that the Chinese city of Shenzhen will host the APEC Economic Leaders' Meeting in November 2026.

The announcement was made at the APEC chairmanship handover session of the 32nd APEC Economic Leaders' Meeting.

Xi stressed that APEC is the most important economic cooperation mechanism in the Asia-Pacific region that has made significant contributions to the regional growth and prosperity.

The building of an Asia-Pacific community with a shared future is not only the essential way to achieve long-term development and prosperity in the region, but also a shared vision of all parties, Xi said.

The year of 2026 will be the third time China hosts the APEC Economic Leaders' Meeting, Xi noted.

China is willing to take the chance and work with all parties to build an Asia-Pacific community with a shared future, promote growth and prosperity in the region, and focus on pushing forward the Free Trade Area of the Asia Pacific and practical cooperation in such areas as connectivity, digital economy and artificial intelligence to inject greater vitality and momentum into Asia-Pacific development and deliver more benefits to the people of the region, Xi said.

Shenzhen, Xi noted, is located along the Pacific coast, saying that it has developed from a small, backward fishing village into a modern international metropolis over the past few decades.

He hailed the city's rise as a miracle in the history of world development created by the Chinese people and also an important window to China's unswerving pursuit of a mutually beneficial and win-win opening-up strategy.

Xi said he looks forward to all parties gathering in Shenzhen next year to jointly discuss the development plans for the Asia-Pacific region and create a bright future for it.

Leaders of the participating economies actively supported China in taking over as the host of the APEC meeting next year. They agreed with China's philosophy as a host of the meeting.

They also looked forward to the complete success of the APEC's "China Year," which is expected to make contributions to promoting regional cooperation, and fostering common development and prosperity.