Jack Ma: "I had a sleepless night in Seattle last night"

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On September 24, on the morning of September 23, local time in the United States, Chinese President and Chairman of the Paulson Foundation Henry Paulson and 30 business leaders from China and the United States attended the China-US Business Roundtable. The business representatives expressed their views on China-US economic and trade relations, the opportunities and challenges facing China and the United States, and other issues.

Jack Ma attended the meeting and said that in addition to some misunderstandings about the Chinese economy, there is also a cultural difference between China and the United States. The United States believes that the Chinese economy is under downward pressure and Chinese people will not consume. But in fact, this is not the case. Consumer data on the Alibaba platform shows that after this year, China's consumer confidence remains strong and the upward trend is obvious. Against the backdrop of slowing investment and exports, domestic consumption has increased rather than decreased. Americans don't understand this and they can't think of it.

Yesterday, President Xi said that there are nearly 300 million middle-income people in China, and this number will increase to nearly 500 million in the next 10-15 years. This group of people has a middle income, but their consumption level is still elementary. There is huge consumption potential here, which is not only a huge driving force for China's economic transformation, but will also have a huge impact on the world economy.

Similarly, when we talk about the increasing operating pressure of traditional Chinese enterprises today, we should see the growth of the new economy, which is no less powerful than that of the United States. In just 12 years, the consumption scale of Alibaba's network can be comparable to that of Walmart worldwide. This is not because of how great we are, but because of the huge market potential in China.

The following is the content of Jack Ma’s speech at the China-US Business Roundtable:

Dear President Xi, Chairman Jiang, Chairman Paulson, and fellow business colleagues.

It is an honor to attend today's meeting.

Last night I spent a "sleepless night in Seattle". It has been exactly 20 years. 20 years ago, I was a teacher and came to Seattle for the first time in the United States. In an office building in the city center, I used a computer for the first time in my life and went online for the first time. I found that there was almost no information about China on the Internet at that time. While feeling the great charm of the Internet, I also discovered market opportunities. After returning to China, I borrowed 20,000 yuan to start a business and persisted until now.

43 years ago, Nixon visited my hometown Hangzhou. There were many foreign tourists in Hangzhou at that time. I was in junior high school, but the English teacher was our Chinese teacher. After nine years of practicing English as a free tour guide for foreign tourists at the entrance of the hotel, I not only mastered some language skills, but also understood American culture. Thinking about it today, without the normalization of Sino-US diplomatic relations at that time and without opening up to the outside world, it would be unlikely that Alibaba would exist today.

These two major events that changed my personal destiny are inseparable from the friendly cooperation between China and the United States.

It can be said that Seattle is where my entrepreneurial dream began. The Internet inspired me. After 20 years of persistence in China, our dream has come true. Chinese people talk about the Chinese Dream, and Americans talk about the American Dream. In fact, in essence, the Chinese Dream and the American Dream are both about pursuing a better life, and pursuing a healthier, happier and happier life.

Therefore, I believe that as long as China and the United States can cooperate sincerely and achieve a new type of major-country relationship, the people of both countries will have more and better American dreams, Chinese dreams and world dreams.

Just now, Chinese and foreign entrepreneurs present mentioned that we are all beneficiaries of China-US friendly cooperation. It is because everyone participated in China's reform and opening up market with hope and confidence that we are where we are today. Of course, Chinese and American entrepreneurs are also active builders and promoters of China-US friendly cooperation. Without the efforts of entrepreneurs, it is hard to imagine such a huge achievement between China and the United States today.

Of course, China and the United States are also very different. It is precisely because of the differences and similarities that there is both competition and cooperation. In the past few decades, successful global companies have always been looking for common ground with each other, learning to appreciate, respect and understand each other's differences. Because only in this way can our companies cooperate and win-win and face the future together. In the talks just now, entrepreneurs from both sides reached a high degree of consensus. We are inseparable from each other. Entrepreneurs should become an important bridge of communication, establish mutual trust and reach market consensus, which will be our common future!

Are there misunderstandings today? Of course there are. It is normal for different cultural backgrounds, different national conditions, and even different religious beliefs to cause misunderstandings. Excellent companies know that communication is the only key to resolving misunderstandings. Always communicate actively and face difficulties together. There is no problem that cannot be explained clearly.

Are there problems today? Of course there are. But which era has no problems? Humanity has never had an easy day. Doing business in China is not easy, and doing business in the United States is also not easy. But the problems we see today are opportunities for us. It depends on whether we focus on the future or stick to the present. I think it is precisely because of the long-term strategic vision of the leaders of the two countries for the future of Sino-US relations that we have today's achievements. I always believe that only by focusing on tomorrow can we solve today's problems.

In addition to some misunderstandings about the Chinese economy, there is also a cultural difference between China and the United States. The United States believes that the Chinese economy is under downward pressure, and Chinese people will not consume. But in fact, this is not the case. Consumer data on the Alibaba platform shows that after this year, China's consumer confidence remains strong, with an obvious upward trend. Against the backdrop of slowing investment and exports, domestic consumption has increased instead of decreased. Americans don't understand this, they can't think of it. Because Americans are good at spending tomorrow's money, spending other people's money, but the Chinese sense of crisis is caused by history and culture. We always spend yesterday's money, spending the money we save. Chinese people like to save money. China is one of the countries with the highest savings among residents. Chinese people save money so that they can spend it when they are in trouble. Therefore, you will find that when the economy is in trouble, the Chinese still have money to spend.

Yesterday, President Xi said that there are nearly 300 million middle-income people in China, and this number will increase to nearly 500 million in the next 10-15 years. This group of people has a middle income, but their consumption level is still elementary. There is huge consumption potential here, which is not only a huge driving force for China's economic transformation, but will also have a huge impact on the world economy.

Similarly, when we talk about the increasing operating pressure of traditional Chinese enterprises today, we should see the growth of the new economy, which is no less powerful than that of the United States. In just 12 years, the consumption scale of Alibaba's network can be comparable to that of Walmart worldwide. This is not because of how great we are, but because of the huge market potential in China.

I believe that the development of China's huge domestic demand market and the rapid development of China's high-tech and emerging industries are the direction of China's economic transformation and upgrading, and are also the expectations of the world economy for China's economy. In particular, the open and transparent foundation laid by the anti-corruption and rule of law thinking has made the development and order of China's market economy more and more mature and perfect.

Dear President Xi, fellow entrepreneurs, from teachers to entrepreneurs, my 20 years of entrepreneurial experience has taught me that entrepreneurs with entrepreneurial spirit are a scarce resource for economic and social development, and this is the same in all countries. Entrepreneurial spirit requires respect for the market, creation of unique value, willingness to innovate, and courage to take responsibility. People are the most important factor in the development of productivity. Entrepreneurs exist to solve problems in economic and social development. Today's world economy calls for the pioneering spirit of entrepreneurs.

Thank you for the unique exchange and communication between Chinese and American entrepreneurs today, and especially thank President Xi for attending and paying attention. We believe that such active exchanges and sincere and frank communication are very necessary and important. We hope that such an exchange mechanism between Chinese and American entrepreneurs can be normalized and fixed. Once in China and once in the United States. We especially hope that the leaders of the two countries can also attend the exchange and guidance, so as to further improve the economic and trade cooperation environment between the two countries.

***, I want to say that I was very excited to hear President Xi's speech last night. The exchange of 50,000 students between China and the United States will be a milestone in the history of Sino-US exchanges. Dr. Kissinger's speech yesterday was impressive, and the achievements of the friendly envoys of Sino-US friendship represented by him are obvious to all. I believe that in the future, these 100,000 international students will give birth to countless little Dr. Kissingers. To this end, I think Alibaba also hopes to make a contribution. We plan to provide 500 American students with internship opportunities in Alibaba China in the next five years, and we will also give priority to international students from China and the United States to work in Alibaba. It will not only help Alibaba's globalization strategy, but also serve as a bridge for Sino-US friendship.

Thank you, Mr. President, and I wish you a successful visit!