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Tags: Alibaba Founder | Jack Ma | China | Money

Alibaba Founder Jack Ma: Quit Worrying About China‎

Alibaba Founder Jack Ma: Quit Worrying About China‎

Thursday, 01 October 2015 08:09 AM EDT

Alibaba founder Jack Ma thinks Americans should stop worrying so much about China, and worry more about their own country.

"You American people worry too much about the China economy," he said at the annual Clinton Global Initiative meeting. "Every time you think China is a problem, we get better, but when you have a high expectation for China, China is always a problem," he said, according to CNBC.

Despite a much-discussed domestic slowdown, China has a quality that America doesn't, which could take its economy through tough times, he said.

"People say 'Well you know the economy's bad, so China consumption will be low.' No, totally different," Ma said. "You Americans love to spend tomorrow's money, and other people's money maybe. ... We Chinese love to save money."

The World Bank ranks China fourth among measured areas in terms of gross savings as a percent of GDP — with 50 percent in 2013, it sat behind Kuwait, Bermuda and China's own special administrative region of Macao, CNBC reported.

The United States, meanwhile, only had 2013 gross savings of about 18 percent of GDP — just less than Colombia, and just more than Namibia, CNBC reported.

"We've been poor for so many years: When we made money we put it in the banks because someday we know that disaster is coming so we can spend the money," Ma said. "When the economy is bad, we still have the money to spend — you guys probably don't, you worry."

"China's government is so strong on investment, so strong on exporting, but they're too weak on domestic consumption," he said. "It's our opportunity, it's our showtime to see ... how we can develop real consumption here."

At the Clinton Global Initiative appearance, Ma expressed nearly the identical sentiments that he did in a recent interview at Stanford University with Yahoo co-founder Jerry Yang.

Ma summed up his outlook on China in rather optimistic tones, according to Tech in Asia.

“I’m positive, but I’m not stupid; I know we have problems. We have to solve the problems little by little,” he said.

“When people worry, I’m happy. When people are too happy, I start to worry. And I don’t worry about the things the president is worried about. Worry about the things that nobody is worried about.”

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Alibaba founder Jack Ma thinks Americans should stop worrying so much about China, and worry more about their own country.
Alibaba Founder, Jack Ma, China, Money
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2015-09-01
Thursday, 01 October 2015 08:09 AM
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