China trade war could last 20 years, says Ma

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Alibaba founder Jack Ma said the Chinese company will no longer create one million new jobs in America, as he had previously promised U.S. President Donald Trump due to the rocky trade relationship between the two nations.

When asked about the jobs in an interview conducted by Chinese state-backed news portal Xinhua on Wednesday, Ma said that the offer was based on the premise of rational and objective bilateral trade - meaning there is no way to carry out the promise at present. China responded by imposing tariffs on US$60 billion worth of USA goods.

But yesterday he said: "The trade in the world really needs to be perfected, but trade is not a weapon, it can not be used for war, it should be a propeller for peace". "Trade should be the propeller of peace".

He said Alibaba has always worked towards the goal of "making it easy and fun to do business". Against the backdrop of rising trade protectionism and anti-globalization, Ma said the goal has become even more relevant.

The economic situation is not good, and that could last for a long time, Ma said at the World Economic Forum in Tianjin.

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Ma said a lot of businesses in China and the USA will be in trouble in the short term, and eventually, Chinese firms will be forced to turn to other countries, CNN reported. China is also furthering its reform and improving the business environment.

"There are still many things that Chinese companies should and can do".

Ma has already cautioned the trade war between the world's two biggest economies could last decades, and China should focus on exports on the modern-day "Silk Road" that spans Africa, Southeast Asia and Europe.

Chinese internet giant Alibaba Group Holding Ltd, which announced it is working on its own autonomous vehicle technology in April, said such concept can be practically implemented if integrated with a "smart city" ecosystem. The 10 percent tariff is to be implemented by September 24, which will increase to 25 percent by the end of the year.

Besides Jack, Alibaba's top executives, including cloud head Simon Hu, technology steering committee chairman Wang Jian and chief technology officer Jeff Zhng would deliver keynotes on breakthroughs and the company's roadmap to develop emerging technologies. Ma will be succeeded by CEO Daniel Zhang, an 11-year veteran of the company.

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