Alibaba's Jack Ma Not Worred Over Slowing Chinese Economy

(RTTNews) - Jack Ma, the founder of e-commerce giant Alibaba Group Holding Ltd. (BABA), Friday said he is not worried about the slowing economic growth in China.

Ma, China's richest man, was speaking at a seminar hosted by Charlie Rose at the World Economic Forum in Davos, Switzerland. Ma explained that China should aim for quality instead of quantity, and keeping up a growth of 9 percent "is impossible."

"If China still keeps 9 percent growth of the economy there must be something wrong. You will never see the blue sky. You will never see quality. China should pay attention to the quality of the economy," Ma said.

"Grow your value and grow your vision. That's what China needs to do," said Ma. "I don't worry about the Chinese economy."

China's economy grew 7.4 percent in 2014, the slowest pace in 24 years, according to Chinese government data.

Describing Alibaba's growth, Ma said his company has become big compared to 15 years ago, but it is still a "baby" considering what it would be 15 years later. He expects Alibaba to serve 2 billion consumers and help 10 million small businesses outside China. Looking forward, Ma sees Alibaba to become the "World Trade Organization for small businesses."

"I've been thinking how we can make Alibaba a global platform for small businesses around the world," he said. "My vision is, if we can help a small business in Norway sell things to Argentina, and Argentina consumers can buy things online from Switzerland, we can build up an e-WTO.

Ma added, "Today, the internet can help small business sell things across the oceans. I hope we can serve 2 billion consumers and help 10 million small businesses outside China."

Alibaba completed an historic multi-billion dollar US initial public offering last September that raised a record $25 billion. Ma said about 100 million buyers visit Alibaba daily for shopping and chalk up 60 million transaction daily.

More than 2,500 participants are taking part at the 45th World Economic Forum Annual Meeting in Davos-Klosters, Switzerland from 21 to 24 January 2015.

BABA is currently trading at $104.26, up $0.26 or 0.25%, on the NYSE.