"China is growing very quickly, but the problem is how to sustain growth in an environmentally friendly way," Wang said, adding that Beijing's poor air quality earlier this week is a reminder of the need for immediate action from government and individuals to increase the use of renewable fuels.

Anti-corruption efforts are important because the rapid growth of many Asian economies is often affected by bribery and corruption, which create problems within the system and pose threats to future development, he said.

"As for small and medium-sized enterprises, they are key players in the economy, but sometimes they do not have access to financing or the international market in terms of expansion," he added.

In recent years, subregional trading blocks such as the Trans-Pacific Partnership Agreement and the Regional Comprehensive Economic Partnership have emerged in the Asia-Pacific, drawing criticism for what seems to be a fragmenting of the economic integration process among APEC members.

Describing trading blocs as "devoted to lowering trade barriers on a voluntary basis", Wang said in the end their goals are the same, namely, calling for a better trade and investment environment.

"It is just like people taking different trains. At some point, we may have to figure out how to be efficient with so many trains. But they are going to the same direction in terms of building cooperation," he said.

Wang said APEC, a trading "gardener", has helped members nurture industries and reduce tariffs, which accounts for record growth in the region.

"One of the most unique things about APEC is how the private sector supports it," Wang said. "They benefit from all the capacity building, all the work APEC does to make their business smoother."

Beijing assumed the position of APEC host at the beginning of this year, and is expected to host more than 100 APEC meetings and related events throughout the year under the theme of "Shaping the Future through Asia-Pacific Partnership".