Responding to regional worries over North Korea's bellicose threats, Xi said, "No one should be allowed to throw a region and even the whole world into chaos for selfish gains."
"While pursuing its own interests, a country should accommodate the legitimate interests of others," Xi said without naming any country.
"Peace, like air and sunshine, is hardly noticed when people are benefiting from it. But none of us can live without them," he said.
"Countries, whether big or small, strong or weak, rich or poor, should all contribute their share to maintain and enhancing peace. Rather than undercutting each other's efforts, countries should complement each other and work for joint progress," Xi said.
Xi's made these comments in his speech at the Boao Forum for Asia (BFA) attended by Australian Prime Minister Julia Gillard and nine other heads of government, Corporate Affairs Minister Sachin Pilot and over 1500 business leaders, including Microsoft founder Bill Gates.
Xi's statement came in the backdrop of heightened tension in the Korean Peninsula after China's close ally Pyongyang increased war preparedness threatening nuclear war following a joint war games by the US and South Korea.
Earlier Chinese Foreign Minister, Wang Yi told the United Nations Secretary-General Ban Ki-moon that China would not allow "trouble-making" at its doorstep by any party.
US is pressuring China to act tough against North Korea.
Chinese officials believe that North Korea's new ruler Kim Jong Un is drifting from China's influence ever since he succeeded his father in 2011.
Xi's call for stability in Asia also comes in the backdrop of maritime disputes between China and Japan over islands and China and South East Asian countries over South China Sea besides border dispute with India.
Xi said while China safeguards its sovereignty and territorial interests, it would also work for peace and stability in the region.