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Joseph Tsai: BABA-W Imports US$50B Worth US Goods Annually to Help Cushion Trade Deficit
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Joseph Tsai, Group Chairman of BABA-W (09988.HK) (BABA.US), said at the Asian Financial Forum (AFF) that the value of US goods imported from the US and sold to Chinese consumers on its platform is now worth as much as US$50 billion annually, which actually helps to ease the US trade deficit with China. BABA-W currently serves about 1 billion users globally, and it has also been expanding its business in international markets in recent years, such as launching e-commerce business in Turkey and Saudi Arabia, although its business is mainly concentrated in mainland China, Tsai said. In his view, the only thing that enterprises can do is to identify and avoid risks in the face of greater geopolitical uncertainty and the uncertainty of governments' stance. Talking about BABA-W's goals and strategies in promoting economic development, Tsai described BABA-W as a social enterprise, and that the Group's mission since its establishment is to “make the world a place where there is no such thing as a difficult business”, and that every business is launched with the aim of serving users and solving the difficulties of SMEs, believing that the Group has already integrated social responsibility into its day-to-day business and continued to create value for the community. The Alibaba Entrepreneurs Fund (AEF), which the Group founded about 10 years ago with the vision of providing venture capital support and strategic guidance to local entrepreneurs and young people in Hong Kong, is now profitable but the profits will continue to be used as capital to support entrepreneurs, Tsai added. AAStocks Financial News |
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