Markets shouldn’t be concerned about the cooling in the world’s second-biggest economy, as China is transforming to a consumer driven economy, Alibaba founder Jack Ma told RT.
“The consumption is going up, the services are going up, the new high-tech business is going up, but the traditional business is going down,” said Ma at the World Economic Forum in Davos.
Ma also said China is trying to transition from an export to an import driven economy.
“It’s a healthy thing. The two or three next years may be challenging. But generally speaking, if the job market is there, if the consumption of China continues to grow…I think; now we have 300 million middle class people. In 10-15 years this figure will grow to 500 million. It’s an opportunity not only for China, but for the world. Don’t worry,” he added.
Ma said his company is interested in buying Russian goods and yuan-ruble bilateral trade. Russia-China trade has “huge potential“, according to Ma, but there is a lot to improve in infrastructure, roads, logistics and pay.
The Alibaba CEO said he isn’t concerned about the situation in US markets and the economy.
“I don’t worry about any markets, about big mad things. We are worried only about ourselves, how we can do better. Good time has a good way, bad time also has a good way,” he said.