Well-known Chinese news site Tencent News recently reported that, not long ago, Alibaba Group (NYSE: BABA) Chairman Jack Ma delivered a speech at the Conference of the Zhejiang Chamber of Commerce. Ma advised people that they should have a good understanding of the economy; he felt that the “good days are numbered” for China’s manufacturing industry. Ma warned that, over the next 20 years, people should not expect any fundamental improvement in the China-U.S. relationship and that there may be some ups and downs. The United States has taken China on as a strategic competitor rather than a partner. The Western culture emphasizes competition. During the Shanghai Import Expo, the Chinese government mentioned a plan that would involve imports valued at US$24 trillion over the next 15 years. Ma pointed out that this will have a major disruptive impact across the entire Chinese manufacturing landscape, especially in consumer products. The Alibaba Group is a Chinese multinational e-commerce, retail, Internet, AI and technology conglomerate. When it went public, it was the world’s largest IPO. As of March 2018, Jack Ma is one of China’s richest men with a net worth of US$42.7 billion.
Source: Tencent News, June 14, 2018