JACK MA: Don't worry about China's economy(Yahoo) From emerging economies to the Federal Reserve, it seems that everyone is paying attention to China's economic slowdown.
Jack Ma, the found of Chinese online retail giant Alibaba, however, does not see it as a big problem.
In a letter to investors Tuesday on Alibaba's new US-focused website Alibaba Defined, Ma said that the slowdown shouldn't have people alarmed.
"Recently, signals of China’s economic slowdown have triggered widespread concern and, I believe, overreaction around the world," wrote Ma.
To him, all this attention reflects the global importance of the Chinese economy. Additionally, he thinks that continuing to strive for the double digit GDP growth rates of the past is unrealistic.
"The current GDP growth pattern is not sustainable," said the letter. "In fact, if China continues to pursue the high growth rates of the past, then China will pay a high price."
Ma said the environmental damage of the high rate of growth has been severe, and there are other advantages to embracing the economic slowdown.
"China’s economic development is no longer in need of increasing its numbers, but of increasing its quality. China is the world’s second-largest economy, and even with a GDP growth rate of 5%, the growth rate is more than double that of developed economies," said Ma.
He also pointed to the generally understood plan that the country is shifting from an investment-based economy to a consumption-based one.
"All in all, China’s economy has immense potential. It will not be easy, but China’s future 'economic miracle' will lie in its ability to boost productivity and its use of big data and Internet technology to stimulate domestic consumption and generate exponential development opportunities," wrote Ma. Jack Ma says.......................don't worry about Jack Ma.
Jack Ma will be fine.
He should only start a sentence after knowing how what he will say will be perceived and misinterpreted by others when he finishes it. Since the moment the bell rang in the listing hall, too many gaffes. markwu Post time: 2015-10-14 17:21 static/image/common/back.gif
He should only start a sentence after knowing how what he will say will be perceived and misinterpre ...
Mama huhu ? Extract from Clay Shirky 's article in CNN
Xiaomi marks the end of China as a pure importer of products designed elsewhere. It was one of the first companies to adopt the new methods that are making China a center of innovation in design, electronic commerce and services. Xiaomi introduces a new risk in that relationship -- not a risk that Chinese firms will copy too much from the United States, but that the American firms will copy too little from China. AbioGenesis Post time: 2015-10-16 05:15 static/image/common/back.gif
Jack Ma seems out of touch with China's real problems.
As China's own leaders have said the GDP fi ...
You seem quite capable in analyzing China.....but you fail miserably when analyzing your own USA ..............
There is enough to worry about in any country's economy,but, in China's case, the expansion\contraction cycle is not one of them.