BEIJING, October 31. /TASS/. Multilateralism is the only possible approach to global problems whereas unilateralism only leads to regress and new division lines, Chinese President Xi Jinping said.

"While hegemonism causes only war and disaster, fairness and justice ensure global peace and development. While confrontation and antagonism breed only estrangement and turbulence, win-win cooperation proves to be the right way forward. While unilateralism precipitates division and regression, multilateralism is the viable option for tackling global challenges," Xinhua quoted him as saying in his address to the APEC summit.

"China always upholds the current international order and practices true multilateralism. We embrace peaceful development, and reject the assertion that a strong country will inevitably seek hegemony," he stressed.

The Asia-Pacific Economic Cooperation (APEC) summit is taking place in South Korea’s Gyeongju on October 31 and November 1. A final declaration is expected to be adopted on the outcomes of the meeting.

Established in 1989 to promote sustainable economic growth and strengthen regional integration, the APEC forum now includes 21 economies, including Russia, which joined it in 1998.