(Source: Inside Retail Asia | February 14, 2019)
Alibaba Group Vice Chairman Joseph Tsai says the firm is unperturbed by China’s economic slowdown.
Quoted in a Bloomberg report, Tsai said Alibaba is “delinked” from a Chinese economy in which more and more business are moving online because “we’re in e-commerce and we’re digitizing the whole sector”.
He added that Alibaba’s growth is expected to continue to outpace the economy in general, as digital commerce grows at faster rates compared with more traditional retail business.
According to the Bloomberg article, China’s economy expanded 6.4% in the final three months of last year compared with a year earlier. Alibaba’s takings during the period rose 41% to US$17.3 billion, representing its slowest pace of growth in more than two years. Its continued positive performance is buoyed by excursions into new business territories such as cloud services and entertainment, while assisting physical retailers with modernization drives.
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