(CNN) US and Chinese leaders presented opposing visions for the world in back-to-back speeches at the 2018 APEC conference in Papua New Guinea on Saturday, amid rising tensions between the world's two major powers.

Chinese President Xi Jinping spoke of the need for global cooperation and international trade, telling the Asia-Pacific Economic Cooperation summit there was no issue that countries couldn't work out "through consultation."

"History has shown that confrontation, whether in the form of a cold war, a hot war or a trade war, will produce no winners," Xi said to applause.

But US Vice President Mike Pence, speaking after the Chinese leader, said while they had "great respect for President Xi" and China, there would be no backing down on the trade war with Beijing until it "changes its ways."

"China has taken advantage of the United States for many, many years and those days are over," he told the meeting of world leaders.