Alibaba Group Holding Ltd. Chairman Jack Ma said society should prepare for decades of pain as the internet disrupts the economy.
- From The Indian Express
He explained at the event that he had tried to warn people in the early days of e-commerce it would disrupt traditional retailers and the like, but few listened.
Also Read: China’s Huawei targets Amazon, Alibaba in public cloud service push Ma made the comments as Alibaba, China’s largest e-commerce operator, spends billions of dollars to move into new businesses from film production and video streaming to finance and cloud computing.
The Hangzhou-based company, considered a barometer of Chinese consumer sentiment, is looking to expand abroad since buying control of Lazada Group SA to establish a foothold in Southeast Asia, potentially setting up a clash with the likes of Amazon.com Inc.
The lack of a robust credit system drives up the costs for everyone, he said.
The China Entrepreneur Club event is host to many of the country’s startup founders, but even here Ma got a celebrity’s reception.