Jack Ma: Trade should be propeller of peace

Joanna Estrada
September 21, 2018

Hangzhou: China's e-tailer giant Alibaba group is developing quantum chips (processors) to power a range of industries, including e-commerce, logistics, finance, materials and pharmaceuticals, a senior official said on Wednesday.

His ambitious plan, first announced at a landmark meeting with then-incoming U.S. President Donald Trump in early 2017, has become the latest casualty of a growing trade war between the two sides, initiated by Trump over accusations of unfair trade practices by China.

According to official figures, U.S. goods and services trade with China totalled an estimated $710.4 billion in 2017 of which USA exports were $187.5 billion and imports were $522.9 billion.

On Monday the United States announced a new round of tariffs to be levied on $250 billion worth of Chinese-made goods, after failing to reach a deal with China on trade issues.

Ma pointed to business opportunities in other regions such as Europe, South America, Russia and Africa, Xinhua said.

"But trade is not a weapon and should not be used to start wars - it should be the driver for peace", he said.

Also heading Alibaba DAMO Academy, Zhang said that the academy now has more than 300 researchers serving in eight cities.

Ma said this week Alibaba wouldn't stop working to contribute to the healthy development of trade between the two nations, and that trade between the two countries and in the world still needs improvement.

Alibaba said access to Chinese customers through its online marketplace would help United States businesses grow and hire workers - as many as one million people over five years.

One of those setbacks was largely symbolic, and saw Alibaba's name appear on an annual US blacklist of marketplaces with high levels of trafficking in fake goods for the second consecutive year.

Ma, the charismatic co-founder of Alibaba, announced last week that he would step down in one year to concentrate on philanthropy and education, passing on the reins to trusted lieutenant Daniel Zhang.

Even then, some observers said the figure would be hard to meet, especially given the relatively short time frame given by Ma.

"I'm just 54, and I still have at least 16 years to do something new", Ma told Xinhua. "It's exciting to have more than a dozen years to take on a new career".

Other reports by Click Lancashire

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