G20 Summit to deal with rising anti-globalization sentiment… Jack Ma: It’s Either Globalism or War
“Globalization is nothing wrong. But we need to perfect it,” said Jack Ma, Alibaba founder & CEO.
Alibaba founder Jack Ma is deeply concerned about the rising anti-globalization sentiment around the world.
After Brexit in the UK, the US Presidential candidate Donald Trump said his country might withdraw from the WTO if he’s elected.
People don’t like globalization, not because globalization is bad. If globalization can really benefit everybody, and enable every individual and small business to take part, it will be a great stuff. So we give our proposal, and I’m honored it’s been written into B20 policy recommendation report,” said Jack Ma.
The proposal: launching an electronic World Trade Platform, or e-WTP. The aim is to enable small businesses to trade globally through e-commerce.
“We need to reduce all these protectionism measures, rolling back the old ones, and reducing all these kinds of small and regional trading agreements, which turn out to be complicated,” said Ning Gaoning, Sinochem chairman, B20 Trade & Investment Taskforce Chair.
With 20 of the world’s most powerful decision-makers gathering in Hangzhou, the world is watching closely to see whether the summit will make a difference after years of weak global economy.
Jack Ma: Wars start when trade stops
“We should keep on going along the path of globalization,” Ma said Friday in Hangzhou, China. “Globalization is good… when trade stops, war comes.”
The executive chairman of Alibaba (BABA, Tech30) said he hopes the anti-globalization fervor that currently grips much of the world will ease after U.S. elections in November. China, in particular, has been a target of heated rhetoric.
“Every time there’s an election, people start to criticize China. They criticize this, they criticize that,” Ma told CNN’s Andrew Stevens. “[But] how can you stop global trade? How can you build a wall to stop the trade?”
For his part, the 52-year-old Ma believes that globalization hasn’t gone far enough. […]
“Every government says they love small businesses but what have they done for them?” Ma asked. “We should pull down all the barriers.”
Chinese government flexes muscles with UBER, DREAMWORKS probes…
The Chinese government said on Friday it was investigating two high-profile takeover proposals involving U.S. companies, the latest sign of its growing influence on whether deals are approved – even those appearing to have little impact in China.
The Commerce Ministry said at a briefing on Friday it was probing ride-hailing giant Didi Chuxing’s planned acquisition of U.S. rival Uber Technologies Inc’s China unit and Comcast Corp’s purchase of movie studio DreamWorks Animation.
The scrutiny, announced the day before world leaders descend on China’s eastern city of Hangzhou for a meeting of the Group of 20, underscores the ministry’s increasingly tough stance on companies that strike deals without seeking its approval.
The Chinese are increasingly using their regulatory might to gain influence in the global economy, according to one expert in international relations.
“DreamWorks and Comcast barely touch China, but it’s a way to assert their new position in the world. They want to remind us, ‘We’re big and you have to pay attention to us,'” said Jim Lewis, of Washington’s Center for Strategic and International Studies think tank.