Xi: Market access door to open wide

'Substantial cuts' ahead for restrictions on foreign investment

Beijing will "substantially cut back" on market access restrictions for foreign investment and build an economy with an even higher level of openness, President Xi Jinping told a regional business gathering on Wednesday amid global concerns over the country's slowing growth.

Addressing the Asia-Pacific Economic Cooperation CEO Summit, the president also sought to reassure regional economic and political leaders that the world's No. 2 economy is capable of fending off downward pressures.