A system and method for coordinating advanced process control and real-time optimization of a manufacturing process are provided. The system and method receive process data and economic data corresponding to the manufacturing process to be controlled and optimized. Based on the process data, the economic data and a nonlinear steady-state model of the process, an economic objective function is calculated by a real-time optimization module. A reduced-order non-linear approximation of the economic objective function is thereafter calculated by the real-time optimization module and transmitted to an advanced process control module. The advanced process control module utilizes the reduced-order non-linear approximation of the economic objective function to control the manufacturing process towards the constrained economic optimum.