Regional connectivity

Noting that better connectivity will increase the potential in economic and social development, Xi recalled that the APEC members inked last year in Beijing an agreement on enhancing physical, institutional and people-to-people connections by 2025.

The connectivity blueprint, Xi stressed, needs to be earnestly carried out in order to achieve tangible results.

The Silk Road Economic Belt and the 21st Century Maritime Silk Road initiative, proposed by Xi two years ago, has received warm responses from and active participation by over 60 countries and international organizations.

That has inspired the business community in the Asia-Pacific, Tang said, adding that the Belt and Road Initiative is not only in line with regional connectivity target but also will create huge opportunities for Asia-Pacific economies.

"China has established and put into operation the Silk Road Fund, and is now working actively with more than 50 countries to prepare the launching of the Asian Infrastructure Investment Bank (AIIB)," Xi said in his speech.

Referring to the AIIB, Huang said China has provided much support and public goods to the region, and the AIIB is a good illustration.

The poor infrastructure in many Asian countries has hindered their development and the AIIB, if established officially by the end of this year, would facilitate financing of infrastructure construction for these countries, Huang said.