Jack Ma says China E-commerce Entering “Golden Period” [Video]

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Jack Ma says China E-commerce Entering “Golden Period” [Video]

The Internet tycoon predicted that in five years, nearly one out of every three retail dollars spent in China will be spent online.

Chinese Internet tycoon Jack Ma, executive chairman of Alibaba Group, told an investment conference in Hong Kong yesterday that e-commerce in China will continue to grow rapidly in what he called a “goldenperiod.”

Ma, one of the keynote speakers at the Credit Suisse Asian Investment Conference,saide-commerce would get a boost as more and more consumersbecomeonline shoppers usingtheir smartphones and othermobiledevices. “I told the prime minister that the next five years will be the golden period of e-commerce and Internet in China,” Ma said.

According to McKinsey & Company, since 2003 China’s e-shopping market has been expanding at a compoundannual growth rate of 120 percent,the fastest pace of any country in the world. Although e-shoppingcurrently accounts for less than6 percent of total retail spending in China, Ma predicted that in five years, one-third of the country’s retail sales will be online.

You can read Credit Suisse’s take on Ma’s speech by clicking here or watch it for yourself below:

Chinese E-CommerceE-CommerceJack Ma
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