The recent World Economic Forum (WEF), which took place in Davos, Switzerland, this year, featured Jack Ma, the billionaire founder of Alibaba — a company that has surpassed Wal-Mart as the world’s largest retailer.
He says the United States has no one to blame for their economic woes but themselves, and that most of their problems come from wasteful spending on warfare.
Ma was prompted to share this comment by CNBC’s Andrew Ross Sorkin, who had asked him about the American economy and how it relates to China. While President Trump has been famously, and vocally, against China, often accusing the Asian superpower of stealing U.S. jobs and currently working to impose tariffs on Chinese goods, Ma offers a different explanation for America’s job crisis.
He says, “It’s not that other countries steal jobs from you guys. It’s your strategy. Distribute the money and things in a proper way, you’re supposed to spend money on your own people.”
The Chinese billionaire claimed the U.S. has wasted over $14 trillion on warfare over the past three decades — money that could have been spent on domestic infrastructure, and programs that would benefit the population.
Ma’s Not the Only Billionaire to Say the U.S. Has Wasted Its Money
Zong Qinghou, chairman of beverage maker Wahaha and once China’s richest man, said in an interview with Forbes China on Saturday that he agrees with Ma’s assessment.
Zong continued to explain that countries who once had the money to pay for military cooperation with the U.S. are finding it more difficult today to come up with the resources. As one of the world’s largest countries, the U.S. has an obligation to maintain economic development and global peace.
What Did The President Of China Have to Say?
Just last Wednesday, Chinese President Xi Jinping gave a historic speech at the World Economic Forum in Davos where he praised globalism and explained how China has made it to the position of the world’s newest economic leader.
According to Ma, globalization is a “perfect strategy,” and he points out that American corporations have already profited substantially from this system: “The American multinational companies made millions and millions of dollars from globalization. . . . The past 30 years, IBM, Cisco, Microsoft, they’ve made tens of millions — the profits they’ve made are much more than the four Chinese banks put together. … But where did the money go?”
And WEF founder and chairman Klaus Schawab stated, “In a world marked by great uncertainty and volatility the world is looking to China.”
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It seems as though Alibaba’s founder is thinking along the lines, and he argues that China’s system of economic globalization will set the path for the future: “The world needs new leadership, but the new leadership is about working together. As a business person, I want the world to share the prosperity together.”
I don’t know about you, but I think he’s onto something there.
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