Entries in Alibaba (1)


Chinese Billionaire Jack Ma on the Power of American Ideas

Photo Courtesy - Alibaba dot com(HANGZHOU, China) -- In a country that still restricts the flow of information, one Chinese man has made a fortune by harnessing the power of that vast information source, the Internet.

Jack Ma, 46, is the founder of Alibaba, China's largest e-commerce website. It has made him a billionaire and changed the way that the Chinese do business.

ABC News spoke to Ma on Monday in Hangzhou, China about his work, China's remarkable growth, and the American ideals that he believes have made it possible.

"I think this is the American dreams that make America different," Ma told ABC News. "Today, Chinese people have the dreams....Many years ago, we would wait for the government, now we don't wait for the government."

Some analysts expect Alibaba to generate over $700 million in revenue this year from its websites, including the business-to-business trading and the online auction site Alibaba, which is 40 percent owned by Yahoo!, also operates the China Yahoo! Web portal.

By way of comparison, Facebook reportedly generated some $800 million in revenue in 2009.

Ma said he believes that American ingenuity is a model for the Chinese.

China has certainly been quick to seize on the idea of entrepreneurship. Already, China has more than 500 billionaires, more than any other country on Earth.

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ABC News Radio