Alibaba Will Become World's Fifth-Largest Economy in Next 20 Years, Jack Ma Says
Tang Shihua
/SOURCE : Yicai
Alibaba Will Become World's Fifth-Largest Economy in Next 20 Years, Jack Ma Says

(Yicai Global) Oct. 12 -- Alibaba Group Holding Ltd.'s [NYSE:BABA] size currently matches the world's 21st-largest economy and it will become the fifth-largest in the next 20 years, Chief Executive Jack Ma said yesterday at his company's Computing Conference 2017 in Yunqi, Hangzhou.

This projection is not an arrogant boast, Ma said. The world needs such an economy and it will exist, he said.

To build this economy, Alibaba must make the world economy more inclusive, sustainable, and happy and healthy, he said. Then, the company will provide 100 million jobs worldwide, serve two billion people globally and build earnings platforms for 10 million businesses, Ma predicted.

Alibaba should not just be an e-commerce firm, and it should be an engine of innovation for the country, society and even the world, he said. Just as electricity has no boundaries and many industries can use it, all sectors should use internet technologies and ideas to develop, and Alibaba must shoulder this responsibility, Ma said.

Although it is known for its e-commerce business, Alibaba is not an e-commerce firm by nature, Ma said. Alibaba, which positioned itself as a data-driven company nine years ago, has become one of the few firms that can deal with diverse data sources, said Ma.

The Alibaba team makes judgments with the aim to get things done and does not solve future problems by making assumptions or using yesterday's philosophy, he said. This is what makes Alibaba different from other groups, said Ma.

Interested parties used to look at the electricity index to determine the level of social and economic development, but in the future, they will look at the computing index, Ma said. They used to focus on access to electricity and roads, but in the future, they will concentrate on data availability and internet coverage, said Ma.

The future does not belong to internet companies, but to those that best utilize the internet, Ma said.

 

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Keywords: Alibaba , Business Strategy , Yunqi , Computing Conference 2017