Alibaba CEO Zhang Yong: The Digital Economy Has Ushered in a New Future

On January 24th, Alibaba CEO Zhang Yong had a dialogue with World Economic Forum founder Klaus Schwab. (Image provided).

The 2019 Davos World Economic Forum focused on 'Trust and Transformation in the Digital Age,' with Alibaba Group CEO Zhang Yong and World Economic Forum founder Schwab becoming one of the most closely watched dialogues within the entire Davos event.

That morning, the Davos Forum website pre-heated this world-class dialogue with the title 'Who is the Incoming Chairman of Alibaba Group.' Zhang Yong's remarks in the afternoon conveyed messages of hope and optimism.

'We now face many uncertainties, and the pace of change is very fast, and people have many questions about the future. But the most important thing is that we have always moved forward, continuously trying. ' Zhang Yong said.

Against the backdrop of a global economy full of uncertainty, this was indeed a meaningful moment. The Davos Forum was founded in the 1970s, when the world was full of divisions and uncertainty, and now it is returning to this period. The problems facing the world are more complex than ever, and Schwab defined them as the 'Fourth Industrial Revolution Era.' People are looking forward to finding innovative solutions to global problems from the dialogue.

Zhang Yong believes that Alibaba's 20-year growth has been accompanied by the rise of the internet, 'To make it impossible for anyone to do business no matter how difficult it is, in the digital age, is to use digital technology to help more people complete digital transformation.'

The driving force of innovation in China's social transformation can be seen from this. Zhang Yong also believes that China has experienced a faster digital process than many countries. 'We directly entered the mobile payment era from the era of credit cards. When the infrastructure was not perfect, it gave us a breakthrough development opportunity.'

Regardless of whether it is within or outside the event, business leaders and politicians in Davos Small Town were eagerly discussing the world's economic prospects, hoping to see the world in China, and grasp the opportunities of the digital age in challenges and uncertainty.

'China has many opportunities, but also many challenges, the most important thing is whether we can make the Chinese economy better. We have 100 million consumers, if China's market can be better, can become a self-sufficient market. Consumption is still China's growth engine and driving force. ' Zhang Yong said.

When asked by Schwab, 'If you make a good decision in this rapidly changing era?' Zhang Yong said, 'Don't be afraid to make mistakes. Often the strategic direction is correct, we are in the digital age, the problem is whether we can find the road to the direction. The road is tortuous, the key is not to go back, otherwise you will never move forward.' Zhang Yong said.

Regarding some concerns about the digital age, Zhang Yong said, 'Don't be afraid of new changes, don't tell young people 'no.' They can come up with ideas you've never heard of. We live in the internet, we can enjoy their lifestyle. If I had time, I would scroll through live broadcasts. Be full of curiosity about the world and find fun in it.'

Historically, people have gained enormous benefits from free trade and technological progress. Technological change is inevitable and like a torrent that cannot be stopped. Facing the coming era of artificial intelligence, Zhang Yong believes, 'In fact, Alibaba's operation as a whole has benefited from artificial intelligence, although it has not been called artificial intelligence for a long time. Artificial intelligence is ubiquitous, we believe that using new technologies can not only benefit consumers, but also empower merchants to improve operational efficiency.'

As a platform, Alibaba has brought progress and opportunities over the past 20 years. Before the dialogue, Rwandan President Kagame shared with Zhang Yong that because of the cooperation between technology and Alibaba, Rwandan coffee could be sold to China, and farmers' income increased significantly. Last year's coffee on Taobao had a turnover that equaled that of the previous year in just one day.

Zhang Yong believes that Alibaba's key role is to empower participants on the platform, 'If you want to help farmers, if you help them sell coffee better, local banks will be more willing to give them small loans, this can bring a more inclusive economic form, making society better.'

The description of Alibaba on the Davos website. As a rapidly rising global retail, e-commerce and technology industry giant, it is one of the most successful commercial legends of the 21st century. Alibaba's long-term goal is to support 1000000 profitable small and medium-sized enterprises by 2036, and create 100 million job opportunities. As the helm of the company, Zhang Yong's tenure as CEO of Alibaba since 2015, is also a key figure in the global business landscape, and will become one of the most influential business leaders of the 21st century (completed)