Fri, Sep 21, 2018 - Page 10 News List

Jack Ma says 1m US jobs promise no longer feasible

Bloomberg

Alibaba Group Holding Ltd cofounder Jack Ma delivers a speech at the Computing Conference in Hangzhou, China, on Wednesday.

Photo: AFP

Alibaba Group Holding Ltd (阿里巴巴) cofounder Jack Ma (馬雲) said his promise to create 1 million jobs in the US is impossible to fulfill because of the US-China trade war, a setback in one high-profile effort for deeper cooperation between the world’s two largest economies.

China’s richest man made the remarks in an interview with Xinhua news agency on Tuesday, saying the pledge made to US President Donald Trump is no longer feasible because of the unstable trade situation.

Ma and Trump met in January last year to discuss how adding small and medium-sized US businesses to Alibaba’s platform would boost employment.

Ma has grown increasingly critical of the trade battle between the US and China, saying it would damage businesses around the world.

In a speech on Tuesday, he cautioned China’s business and political leaders to prepare for the conflict to last 20 years, beyond the Trump presidency, as the two countries battle for economic supremacy.

“The [jobs] promise was made based on China and the US having a collaborative and friendly relationship,” he said in the Xinhua interview. “The situation now has completely destroyed our premise, so it can no longer be completed.”

Ma also said in the interview that he would keep making efforts to push for the healthy development of bilateral trade ties.

He said that trade is not a weapon and should not be used for wars.

Ma yesterday said that weakness in the economic outlook is “problematic” for the company.

“The economic outlook is not perfect of course, and it will last longer than people expect,” Ma said at the World Economic Forum in Tianjin, China. “If you look at the government conference papers, every year they say we have complex problems in the economy.”

Tensions have escalated this week as the US announced additional tariffs on about US$200 billion in Chinese goods, and Beijing responded with tariffs on about US$60 billion of US goods.

“Short term, business communities in China, US, Europe will all be in trouble,” Ma said on Tuesday, during a speech at Alibaba’s investor day in Hangzhou. “This thing will last long. If you want a short-term solution, there is no solution.”

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