The APEC China CEO Forum takes place from July 21 to 22 in Hangzhou, Zhejiang Province, to promote prosperity in new industries.

Major issues to be discussed at the CEO forum include the digital economy, evolution of the manufacturing industry and fintech, as well as industrial cooperation under the Belt and Road Initiative, with emphasis on sustainable development.

Meanwhile, the third APEC Business Advisory Council (ABAC) meeting of 2019 will also take place in Hangzhou from July 21 to 25, paving the way for this year's APEC Leaders' Summit in Chile, focusing on trade and investment liberalization, as well as economic and technological cooperation.

Founded by APEC leaders in 1995, ABAC requires three members of each economy meet four times a year to prepare for their recommendations to APEC leaders.

Companies such as Huawei, JPMorgan and Didi, Fortune 500 companies, leading business entities and startups will attend the forum, along with representatives from ABAC, government officials and scholars.

"There has never been a more important time to demonstrate our commitment to openness and deeper economic integration,” said ABAC chair Richard von Appen at the second ABAC meeting in Jakarta, Indonesia, in April.

The World Bank cut the global economic growth outlook of 2019 to its lowest since the global financial crisis in 2008, and the WTO forecast merchandise trade growth to drop to 2.6 percent this year, 0.4 percentage points lower than 2018.

"APEC economies are still open for business,” said von Appen, noting that the business community remains committed to open markets and sustainable and inclusive growth.

He voiced strong support for the WTO as it helps to level the playing field and lift millions from poverty. "We have urged ministers to engage constructively and urgently to sustain and reform the WTO as needed,” he added.

The 2019 APEC leaders' meeting will be held in Chile with three topics to be addressed as priorities: digital economy and services, regional connectivity, and women and economic growth.

With a combined population of 2.6 billion, the 21 APEC economies account for about 60 percent of the world's total gross domestic product (GDP) and nearly half of world trade.