Chinese leader Xi Jinping has urged Asia-Pacific nations to accelerate economic integration to spur global growth, on day two of the Apec summit.He spoke as leaders from the 21-nation Asia-Pacific Economic Co-operation (Apec) bloc met for roundtable talks.
Discussion is expected to centre on trade agreements and a regional anti-corruption initiative.
On Monday, the Japanese and Chinese leaders held talks for the first time on the sidelines of the summit.
Ties between the two Asian giants have been extremely tense due to a territorial row over disputed islands in the East China Sea.
US deputy national security advisor Ben Rhodes said the US welcomed the meeting as it was an opportunity to lower the simmering tensions between the two countries.
On Tuesday, Mr Xi in his opening remarks pushed for a trade liberalisation framework called the Free Trade Area of the Asia-Pacific (FTAAP).
“Currently, the global economic recovery still faces many unstable and uncertain factors,” the Chinese leader said outside Beijing where the summit is taking place.
“Facing the new situation, we should further promote regional economic integration and create a pattern of opening up that is conducive to long-term development.”
China is proposing a two-year study on the FTAAP plan which will be presented to the Apec leaders for approval.
However, some say it could distract from another wide-reaching trade agreement backed by the US called the Trans-Pacific Partnership (TPP) which China is not part of.
Some Chinese commentators have said the TPP is a method to counter China’s growing influence in the Asian region.
However, Mr Obama rejected this in an interview with China’s Xinhua state news agency, saying the US was in no way trying to contain China.
Mr Obama pointed out that as major trade partners, the two countries were invested in each others futures.
“We want China and the Chinese people to succeed and contribute to global security and prosperity, because it is good for all of us,” he said.
Apec, which includes the US, China, Japan, South Korea and Canada, accounts for more than 50% of global economic output.
In other developments:
- The US and China have agreed to grant visas valid for up to a decade to visitors between the two countries, up from a maximum of one year.
- Mr Obama, in the interview with Xinhua, said the US was willing to strengthen counter-terrorism co-operation with China to stem the flow of foreign terrorist fighters and crack down on terrorist funding networks.
- China has pledged $10m (£6.3m) to support the Apec mechanism for capacity building.
- Australian leader Tony Abbot is expected to meet Russian leader Vladimir Putin. Mr Abbot has pledged to hold a “robust conversation” with Mr Putin over the downing of flight MH17 over Ukraine in July.