Speaking at the 10th East Asia Summit, Premier Li Keqiang called on East Asian nations to forge closer economic ties and promote political trust to ensure stable growth in the region.
Forging closer economic ties while promoting political trust, Li calls it the "two wheels of development."
For economic cooperation, China and ASEAN sealed a deal to upgrade their free trade area.
The two sides also agreed to establish the China-ASEAN Community of Common Destiny, which aims to increase trade to US$1 trillion by 2020. The common destiny will also feature negotiations on the Regional Comprehensive Economic Partnership and the Free Trade Area of the Asia-Pacific.
Li also called for an active political and security dialogue and the establishment of regional security architecture.
South China Sea disputes remained a sore spot at the meeting, but Li put forth a five-point proposal that he said would promote peace and stability. He urged all countries outside the region to refrain from taking actions that may inflame tension.