Jack Ma: You're Supposed to Spend Money on Your People

World Economic Forum2 minutes read

Jack Ma committed to creating 1 million jobs in the United States over the next five years while emphasizing the importance of supporting small businesses and creating jobs. He proposed the creation of an Electronic World Trade Platform (eWTP) to support small businesses globally through mobile and internet platforms, advocating for inclusive globalization and balancing wealth distribution.

Insights

  • Jack Ma's meeting with President-elect Donald Trump at Trump Tower exceeded his expectations, leading to commitments to create 1 million jobs in the US over five years and discussions on small business support, trade, and wealth distribution.
  • Alibaba's transition to a data company involves combating fake products through big data, investing $1 billion annually and employing 2,000 people in this effort, while also focusing on promoting happiness and health through partnerships with Hollywood for the next 30 years.

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Recent questions

  • What did Jack Ma discuss with President-elect Donald Trump?

    Ma discussed small business, agriculture, and trade.

  • What commitment did Jack Ma make regarding job creation in the United States?

    Ma pledged to create 1 million jobs in the US.

  • What did Jack Ma propose to support small businesses globally?

    Ma proposed the creation of an Electronic World Trade Platform (eWTP).

  • How does Alibaba combat fake products in e-commerce?

    Alibaba uses big data to track sellers and buyers.

  • What is Alibaba's strategic focus for the next 30 years?

    Alibaba aims to promote happiness and health through partnerships.

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Summary

00:00

Jack Ma's Productive Meeting with Trump Tower

  • Jack Ma, founder of Alibaba, had a productive meeting with President-elect Donald Trump at Trump Tower, which exceeded his expectations.
  • The meeting was arranged through multiple requests, and Ma discussed topics like small business, agriculture products, and trade between China and the USA.
  • Ma committed to creating 1 million jobs in the United States over the next five years, not solely within Alibaba.
  • Ma shared his views on the US-China relationship, emphasizing the importance of supporting small businesses and creating jobs.
  • Ma highlighted the need for a balanced distribution of wealth, criticizing the allocation of funds towards wars instead of infrastructure and education.
  • Ma advocated for inclusive globalization, suggesting that more businesses should engage in cross-border trade to benefit smaller enterprises.
  • Ma praised President Xi's commitment to importing $800 billion worth of goods from the US in the next 10 years, signaling a positive shift towards globalization.
  • Ma proposed the creation of an Electronic World Trade Platform (eWTP) to support small businesses globally through mobile and internet platforms.
  • Alibaba's business model differs from Amazon's, focusing on empowering others to sell and provide services rather than owning the entire supply chain.
  • Despite criticisms of piracy issues, Ma acknowledged the need to address these concerns and emphasized the importance of listening to feedback and criticism.

18:03

Alibaba's Fight Against Fake Products and Future Vision

  • Alibaba focuses on combating fake products in e-commerce, with $55 trillion worth of products sold and 370 million listings removed last year alone.
  • The company uses big data to track sellers, buyers, and manufacturers, aiding in identifying and removing fake products.
  • Alibaba's efforts in fighting fake products are a continuous battle against greed, with 2,000 people and $1 billion invested annually in this fight.
  • The company transitioned from an e-commerce to a data company, utilizing data to provide credit ratings and offer loans to small businesses.
  • The Sesame credit rating system, based on data from Alibaba's services, has facilitated the issuance of five million business loans in the past five years.
  • Alibaba's strategic focus for the next 30 years includes promoting happiness and health through partnerships with Hollywood to inspire and entertain.
  • Jack Ma emphasizes the importance of inclusivity in technology and advises governments to pay attention to the internet generation and small companies with fewer than 30 employees.
  • Ma advocates for a world where technology is inclusive and transformative, urging for attention to be given to the next 30 years for critical global changes.
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