Attending the Asia-Pacific Economic Cooperation forum, or APEC, on an eight-day Asia visit, President Obama said the U.S. and China were easing bilateral visa regulations.

Speaking at the summit, Obama unveiled the new visa rules deal, saying it would benefit all visa seekers, from students and business people to tourists. Student and exchange visas will be good for five years now while business and tourists visa run 10 years.

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Nearly 2 million Chinese citizens travel each year to the U.S., spending more than $21 billion while creating almost 110,000 U.S. jobs, officials say. Obama said the new visa rules would create additional tourism opportunities. Although Chinese tourists ranked the U.S. their top travel destination, only about 2 percent actually go to the states, which leaves a lot of room for growth.

Obama also said that "good progress" was being made in a free-trade Trans-Pacific partnership between the U.S. and 11 Pacific Rim countries. The agreement is seen as a counterbalance to Beijing's rapid economic growth.

APEC nations together account for 40 percent of the world's population, or 3 billion people, generating 60 percent of world GDP, Obama said. Nearly half of all world economic growth outside the U.S. will come from Asia, he said.

"That makes this region an incredible opportunity for creating jobs and economic growth in the United States," Obama said. "Any serious leader in America, whether in politics or in commerce, recognizes that fact."

Obama and Xi Jinping are scheduled to meet during a Tuesday night state dinner, following that up with official talks scheduled for Wednesday.

TagsAPEC, President Obama, visas, free trade, tourism, student visas, busines travel