China's economic risks 'not that scary': Xi

President Xi Jinping on Sunday shrugged off worries over the risks Chinese economy is facing, saying that the risks are "not that scary."

"Indeed there are risks (in the Chinese economy), but not that scary," Xi told the Asia-Pacific Economic Cooperation (APEC) CEO Summit in a keynote speech.[Special coverage]

"Resilience best equips the Chinese economy against risks... And given the strategies and policy options at our disposal, we have the confidence and capability to cope with potential risks," he said.

Xi said China has adopted innovative ideas and approaches in macroeconomic management, and is advancing the new type of industrialization, IT application, urbanization and agricultural modernization in a coordinated way.

These measures will help relieve the "growing pains," he said, adding that the Chinese economy is driven more by domestic consumer demands, thus steering clear of external risks from over reliance on export.