President Xi Jinping announced on Saturday that the Asia-Pacific Economic Cooperation (Apec) summit that China will be hosting for a third time next year will be held in Shenzhen.

He also told leaders gathered in Gyeongju, South Korea, for the Apec summit that Shenzhen's transformation is a Chinese success story.

“Shenzhen is a modern international metropolis on the Pacific coast next to Hong Kong that only decades ago was a primitive fishing village, and it is part of the…Greater Bay Area, which is now an important growth engine in the world economy,” Xi said.

“The transformation of Shenzhen is a miracle in world history created by the Chinese people.

"It is also an important window showcasing China’s steadfast commitment to the mutually beneficial strategy of opening up.”

In earlier remarks during the concluding session of the Apec summit, Xi was quoted by Xinhua News Agency as urging the regional bloc to bolster cooperation and address new challenges.

He also called on Asia-Pacific economies to "deepen cooperation on open-source technologies and build an open, competitive ecosystem for innovation".

Participating leaders gathered for a "family photo" in front of the media, a longstanding tradition for the Apec summit.

With each leader donning a turquoise scarf, Xi stood front and centre next to his South Korean counterpart Lee Jae-myung. Chief Executive John Lee was also present.

Speaking afterwards to the press, the South Korean president said the summit had adopted three documents, including the Gyeongju declaration that reflects its strong commitment to developing a dynamic and peaceful Asia-Pacific region.

The other two detailed policy directions are on artificial intelligence and a collaborative framework on addressing demographic changes, such as low birth rates and an ageing population.