Monday, 22 October, 2018
  • Economy
  • Jack Ma walks back promise to create 1M United States jobs

Jack Ma walks back promise to create 1M United States jobs

Ma said new trade rules were needed over the longterm Ma said new trade rules were needed over the longterm
Priscilla Morrison | 20 September, 2018, 07:38

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Jack Ma has reneged on a promise to create one million American jobs, citing a breakdown in US-China relations.

"The promise was made based on China and the United States having a collaborative and friendly relationship", he said in the Xinhua interview.

Reiterating the need to focus on long-term plans instead of short-term ones, Ma called the growing dispute a "huge opportunity" and said: "If Alibaba cannot sustain and grow, no company in China can grow".

"But we will continue to work hard to promote the healthy development of China-US trade".

Ma´s bold pledge following his January 2017 meeting at Trump Tower was greeted with scepticism by analysts at the time, who said the move was more about good PR than substance.

In April Ma doubled down on his pledge, claiming 10 million jobs could be created "if China and the USA maintain good trade relations".

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He added USA tariffs on hundreds of billions of dollars of Chinese products could prompt the country to export elsewhere.

Ma was speaking at an Alibaba investor conference hours after Washington said it would impose duties on an extra United States dollars 200 billion worth of Chinese imports, drawing a warning from Beijing that it would retaliate.

Ma expressed his thoughts while speaking at the Alibaba investor conference in Hangzhou shortly after the Trump-led US administration announced impositions of duty tariffs on an extra $200 billion worth of Chinese imports and China announcing retaliatory measures on import of USA products.

"There are still many things that Chinese companies should and can do. They still have many opportunities despite the trade frictions between China and the U.S.", Ma said. He also acknowledged that the ongoing trade war with China's largest trade partner is hurting Alibaba's business, according to CNNMoney. "Trade should be the propeller of peace".

Ma was profiled by Bloomberg earlier this month, and said he wanted to follow the playbook of the billionaire and philanthropist Bill Gates after retirement.

"I´m just 54, and I still have at least 16 years to do something new", Ma told Xinhua. When commenting about his coming retirement, he said it's not a "sudden decision" and he has been prepared for it for more than 10 years.

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