China’s entrepreneurs have had tough year, Alibaba founder Jack Ma says, and it is going to get worse
- Alibaba founder urges businesspeople to be confident and embrace change, in speech to Zhejiang Chamber of Commerce in Shanghai
- Alibaba founder says China’s phase one trade deal with the United States marked the start of ‘real change’
This year has been particularly tough for Chinese entrepreneurs, but the hardship has only just begun, according to Alibaba founder Jack Ma, who also said a phase one trade deal with the United States marked the start of “real change”.
Ma, who stepped down as executive chairman of the Chinese e-commerce giant in September at the age of 55, told a conference in Shanghai on Saturday that businesspeople had to understand that “the hardship of 2019 is probably just the start” of difficulties. Alibaba also owns the South China Morning Post.
“It’s the end of the year, and yesterday I received many phone calls from friends asking to borrow money … I received five such phone calls in a single day. In the past week, 10 friends were trying to sell their properties – it is truly difficult for them,” Ma said.
The year 2019 has been tough. Those of us running businesses know that every year is tough … in past years only some entrepreneurs have found it hard, but in 2019 probably most entrepreneurs have found it difficult
“The year 2019 has been tough. Those of us running businesses know that every year is tough … in past years only some entrepreneurs have found it hard, but in 2019 probably most entrepreneurs have found it difficult.”