China's economy in 'new normal' continues to power global growth

Collyns said a "growth rate around 5 percent to 6 percent in the next five years will be fully achievable, and it will be consistent with the objective of creating jobs for Chinese workers and improving environment with more sustainable natural resources."

"China will still grow very fast relative to the rest of the world economy," he said.

Gu Qingyang, associate professor of the Lee Kuan Yew School of Public Policy of National University of Singapore, said Xi's speech at the APEC summit signaled China's determination to further open up, which will strengthen its role as a locomotive for the global economy.

Xi said that China is working to build a new open economy with an even higher level of openness, and that China is committed to open regionalism and policy coordination with countries in and beyond the region.

"The prosperity of China is important to the global economy," said Robert Hormats, vice chairman of Kissinger Associates. "More market-driven economy of China is good for the global outlook."