Chinese President Xi Jinping is delivering a keynote speech at the 26th Asia-Pacific Economic Cooperation (APEC) CEO Summit in Port Moresby, capital of Papua New Guinea (PNG), on Saturday.

During his speech, President Xi praised openness and cooperation between APEC economies, calling for a continued commitment to openness.

President Xi said that the world is undergoing major transformations and facing many challenges, and that mankind must decide between cooperation and competition.

Global growth is under the shadow of protectionism and unilateralism and we should take an inclusive approach and encourage interaction, Xi added.

This year's APEC is held in the Pacific island country of Papua New Guinea with the theme of "Harnessing Inclusive Opportunities, Embracing the Digital Future" and will run through Sunday.

Leaders and representatives from 21 member economies are expected to engage in discussions focusing on building common ground on trade to ensure economic growth, employment and better quality of life for people in the region.