Alibaba’s Jack Ma says can’t meet promise to create 1…

Alibaba’s Jack Ma says can’t meet promise to create 1…

Given China's counter-tariffs and the push for Chinese firms to find alternative, non-US sources for goods, the already optimistic pledge would be even more unlikely in the current environment.

Speaking at an event in Hangzhou, China, Alibaba co-founder Jack Ma said the company would set up a dedicated chip subsidiary to build chips designed for autonomous driving, smart cities, and logistics. Since then, Mr. Trump has introduced new tariffs on billions of dollars in Chinese imports as he seeks more favorable trade terms. He also acknowledged that the ongoing trade war with China's largest trade partner is hurting Alibaba's business, according to CNNMoney.

Ma, a former teacher who has become China's richest man, said that he would continue "working hard to contribute to the healthy development of China-US trade. We need new trade rules, we need to upgrade the WTO". On Tuesday, China hit back with tariffs on $60 billion worth of U.S. goods.

He said that trade is not a weapon and shouldn't be used for wars.

Instead of helping American small businesses reach Chinese consumers, one of the richest men in China said Alibaba will seek business opportunities elsewhere, mainly in Russia, Europe, South America, and Africa.

The comment, made in an interview with Chinese media outlet Xinhua, comes two days after Trump announced a fresh set of tariffs on $US200 billion worth of Chinese goods. "Trade should be the propeller of peace".

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The company acquired Chinese microchip company Hangzhou C-SKY Microsystems in April this year as part of its cloud-based IoT push.

Ma said he and Zhang will work together on the internalization and cultural development of the company as well as the cooperation between Alibaba and Ant Financial during the past year of him being chairman of the board.

The tariffs imposed by the United States are set to come into effect from September 24 with the 10% level, which will be increased to 25% from next year.

He has expressed a desire to follow in the philanthropic footsteps of Microsoft founder Bill Gates.

"I'm just 54, and I still have at least 16 years to do something new", Mr Ma told Xinhua. Customers, he mused, will take the place of factories and enterprises to become trade's new driving force.

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