Alibaba Group co-founder and executive chairman Jack Ma attends the WAIC (World Artificial Intelligence Conference) in Shanghai, China, September 17, 2018. REUTERS/Aly Song
Alibaba Group co-founder Jack Ma says China's trade conflict with US could last for 20 years and could be more impactful than anticipated. Reuters

Jack Ma says China-US trade conflict may last for a couple of decades



Alibaba Group Holding co-founder Jack Ma cautioned China’s business and political leaders to prepare for the trade war with the US to last longer and have a bigger impact than most people think.

China’s richest man said the dispute could last 20 years and persist beyond the presidency of Donald Trump, as the world’s two strongest economic powers battle for global supremacy. China needs to strengthen its economy to deal with the conflict and shift trade relations from the US to regions like Southeast Asia and Africa, Mr Ma said during a speech at the company’s investor day conference in Hangzhou.

“Short term, business communities in China, US, Europe will all be in trouble,” Mr Ma said, pacing a stage in an open white dress shirt and punctuating his remarks with forceful jabs. “This thing will last long. If you want a short-term solution, there is no solution.”

His comments came just hours after China vowed to retaliate against US plans to levy tariffs on about $200 billion in Chinese goods. Mr Ma said Alibaba will also be affected by the rising tensions, given its wholesale business allows American merchants to source products from China. But he also said the trauma will offer unprecedented opportunities for companies that can take advantage of them.

“We should not focus on this quarter or next quarter or next year’s profit. This is a huge opportunity,” he said. “If Alibaba cannot sustain and grow, no company in China can grow. I’m 100 per cent confident in that.”

Alibaba shares, which trade in the US, slipped on Tuesday and have declined about 9 per cent this year.

Mr Ma’s remarks carry particular weight because he is an icon of Chinese innovation and has been seen as an ambassador to the US Last year, he met with Mr Trump and promised to create 1 million jobs in the US through 2021.

But Mr Ma, a week after he announced plans to hand over the chairman role to chief executive Daniel Zhang, left no doubt Tuesday about his support for his own country. If the US insists on levying tariffs on Chinese goods, then China should shift its business to the rest of the world, he said.

“When problems come, learn how to hide, learn how to train,” he said. “I believe Mr Daniel and his team will have the wisdom to fight for the future.”

__________________

Read more:

_________________

Mr Ma’s speech underscored the void he will be leaving when he steps down in a year’s time. His soliloquy was accentuated by comments on everything from geopolitical gambits to the importance of self-awareness on individual limits.

He even took a jab at competitor JD.com founder Richard Liu -- while rebutting the idea he was forced out of the company. Mr Ma said he received many queries from acquaintances, including questions on whether he was experiencing a “Minnesota” situation, a reference to current rape allegations that JD’s Mr Liu is facing. That elicited a burst of laughter from the crowd. Mr Liu has denied any wrongdoing and no charges have been filed.

Mr Ma said he was confident of leaving the company in the hands of Mr Zhang as the CEO bolsters Alibaba’s ambitions in e-commerce, so-called new retail and entertainment. Those initiatives will help sustain revenue growth for the financial year ending in March of 60 per cent, a figure that chief financial officer Maggie Wu first disclosed in May. That kind of growth will likely help Alibaba outpace its global peers, she added.

With $80bn worth of strategic investments planted, Vice Chairman Joe Tsai said the company is nowhere near finished with deals. Some of Alibaba’s most expensive investments have been spearheaded by Mr Zhang -- including at least $8bn worth of deals for traditional chains that underpin efforts to reinvent retailing in China.

ENGLAND SQUAD

Goalkeepers Henderson, Johnstone, Pickford, Ramsdale

Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White

Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse

Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins 

Brief scores:

Toss: India, opted to field

Australia 158-4 (17 ov)

Maxwell 46, Lynn 37; Kuldeep 2-24

India 169-7 (17 ov)

Dhawan 76, Karthik 30; Zampa 2-22

Result: Australia won by 4 runs by D/L method

UAE athletes heading to Paris 2024

Equestrian

Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).

Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming

Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics

Maryam Mohammed Al Farsi (women's 100 metres).

Company name: Play:Date

Launched: March 2017 on UAE Mother’s Day

Founder: Shamim Kassibawi

Based: Dubai with operations in the UAE and US

Sector: Tech 

Size: 20 employees

Stage of funding: Seed

Investors: Three founders (two silent co-founders) and one venture capital fund

The specs

Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)

SPECS: Polestar 3

Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September

PRO BASH

Thursday’s fixtures

6pm: Hyderabad Nawabs v Pakhtoon Warriors

10pm: Lahore Sikandars v Pakhtoon Blasters

Teams

Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.

Squad rules

All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.

Tournament rules

The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.

The specs: 2018 Renault Megane

Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE

Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

MATCH INFO

Uefa Champions League, last 16, first leg

Liverpool v Bayern Munich, midnight (Wednesday), BeIN Sports

 

 


Latest
Most Read
Top Videos

Energy This Week

Expert analysis on oil & gas renewables and clean energy

      By signing up, I agree to The National's privacy policy
      Energy This Week