BEIJING, Nov. 9-- President Xi Jinping on Sunday unveiled his thinking about the Chinese economy, saying the world's second largest economy is seeing a "new normal" emerging.

He made the remarks when addressing the Asia-Pacific Economic Cooperation (APEC) CEO Summit, which attracted over 1,500 business people from 21 APEC member economies and 17 other countries and regions.

The Chinese economy has shifted gear from the previous high speed to a medium-to-high speed growth, the economic structure is constantly improved and upgraded, and the economy is increasingly driven by innovation instead of input and investment, Xi said.

In the first three quarters of this year, China's gross domestic product (GDP) grew by 7.4 percent on a year-on-year basis with all major economic indicators within the reasonable range.

According to Xi, the "new normal" of China's economy is characterized by having still registered "considerable increment albeit the slowdown," growth having become "more stable and been driven by more diverse forces," structure having been "improved and upgraded," and the government having "vigorously streamlined administration and delegated power."