Chinese President Xi Jinping put forward a vision of an "Asia-Pacific dream" driven by China's growing economy at the Asia Pacific Economic Cooperation (APEC) leader's summit in Beijing on Sunday, according to state-run Xinhua News.

As the world's second largest economy, China is in a position to offer new measures that would ensure improved cooperation in the region, Xi said as he spoke to a delegation of over 1,500 businessmen from different countries at the summit.

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He said that the Asia-Pacific dream is hinged on acting towards the mutual interests of the region, including the thrust for peace, development and prosperity.

Achieving the dream is more than just staying ahead of international development, Xi said. It is also about the promotion of cultural exchanges, economic vibrancy, and free trade and investment.

He urged leaders to redouble efforts in forging partnerships based on mutual trust and develop an open economy.

APEC representatives agreed this weekend to conduct a strategic study on the Free Trade Area of the Asia Pacific (FTAAP), a deal that could potentially bring increased economic dynamism compared to existing regional trade agreements and contribute an estimate US$2.4 trillion to the world's economy.

While the APEC is not the appropriate medium to facilitate trade negotiations, it clearly holds an important role in initiating efforts towards reaching an FTAAP, said Don Campbell of the Pacific Economic Cooperation Council, an official non-government organization observer of the APEC.

U.S. Trade Representative Michael Froman told media on Sunday the FTAAP was a long-term goal that was to be achieved through existing trade talks including the Trans-Pacific Partnership (TPP) which is an apparent priority for the world's largest economy - the United States, Agence France-Presse detailed.

Meanwhile, Xi drew attention to Beijing's economy when he described it as developing in a "new normal."

Under these new conditions, the country's growth has further stabilized and at the same time, has seen its economic structure upgraded, Xi claimed.

The push to a comprehensive economic reform will determine China's success in adapting to the country's "new normal," he vowed.

TagsAPEC summit, Asia-Pacific dream, Trans-Pacific Partnership, Free Trade Area of the Asia Pacific, Asia, free trade