BEIJING, Nov. 19 (Xinhua) -- The Asia-Pacific Economic Cooperation (APEC) still has a promising future although globalization has faced some setbacks around the world in recent years, Vice-Minister of Commerce Wang Shouwen said while addressing the APEC China CEO Forum 2020 on Thursday.

With concerted efforts of APEC economies, a new vision of cooperation for the post-2020 era has been submitted to the APEC Economic Leaders' Meeting for approval, Wang said.

Calling it a document that would guide APEC for the next 20 years, Wang said the new vision reaffirms the organization's support for the multilateral trade system and the World Trade Organization, and emphasizes the promotion of regional economic integration, especially the process of Free Trade Area of the Asia Pacific. The document also reaffirms APEC'S support for developing the digital economy and encouraging innovation -- a fresh addition to the paper.

"The vision is very valuable to the business community," Wang said, adding that the document not only reflects the demands but also creates conditions for the future development of the industrial and commercial sector.

"China will work with other economies to narrow the regional digital divide, oppose the abuse of state power to suppress scientific and technological enterprises, boost confidence in the development of the digital economy and create new growth points for the Asia-Pacific economy," Wang said.