After President Xi Jinping announced on Saturday that the city of Shenzhen, Guangdong province, will host the Asia-Pacific Economic Cooperation Economic Leaders' Meeting in 2026, expectations are running high that China will continue to champion openness and cooperation, bringing greater benefits to people across the Asia-Pacific and beyond.

"Colleagues, in 2026 China will host APEC for the third time. I would like to thank all member economies for their support," Xi said at the handover ceremony of the 32nd APEC Economic Leaders' Meeting in Gyeongju, the Republic of Korea.

The Chinese cities of Shanghai and Beijing hosted the meetings in 2001 and 2014, respectively.

Xi noted that as the most important platform for economic cooperation in the Asia-Pacific, APEC has made vital contributions to regional growth and prosperity.

"China looks forward to welcoming all sides to Shenzhen next year to chart the course for Asia-Pacific development and work together for a brighter future for the region," he said.

According to Xi, China stands ready to take the chance to bring all parties together to advance the goal of building an Asia-Pacific community, promote regional growth and prosperity, and energize practical cooperation in key areas such as the Free Trade Area of the Asia-Pacific, connectivity, the digital economy and artificial intelligence.

Ahead of the conclusion of Xi's visit, Foreign Minister Wang Yi told reporters: "Shenzhen, known as China's 'Silicon Valley' and a science and technology hub in southern China, is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area."

"It is home to many of the key advanced industries highlighted in China's recommendations for formulating the 15th Five-Year Plan (2026-30) and stands as an embodiment of the country's modernization achievements," he said.

As APEC enters what he described as "China's time", Wang said there is every reason to expect that a China steadily advancing toward modernization will create greater opportunities for cooperation, inject fresh momentum into the world's most dynamic economic region, and open a new chapter in Asia-Pacific development.