Jack Ma, executive chairman of the Alibaba Group addresses the APEC China CEO Forum in Hangzhou, in Zhejiang province, on July 21. [Photo/IC]

Jack Ma, executive chairman of the Alibaba Group addressed the summit, calling for further advances in globalization and the continued development of the digital economy.

Ma – looking at future trends – said the world's metropolises will in 20 years time be fundamentally changed because of the digital economy. He added that he hoped that the advanced digital applications achieved in Hangzhou, such as digital payments and the AI-driven transportation network will become the norm in many cities around the world.

The CEO summit, an annual forum for representatives of Asia-Pacific business leaders, is part of a series of meetings organized for leaders and senior officials from all the APEC economies.

This year's summit is being co-organized by the China Council for the Promotion of International Trade, the China Chamber of International Commerce and the Hangzhou municipal government – along with the APEC Business Advisory Council and the APEC China Business Council.