Jack Ma, the Chinese e-commerce tycoon, has predicted that almost one-third of China’s retail will be online in five years, suggesting an unprecedented transformation of consumption in the world’s most populous country.
“People always ask me what is the difference between e-commerce in the US and e-commerce in China,” Mr Ma said at an investor conference held by Credit Suisse in Hong Kong.
“In the US, e-commerce is just a dessert – it is supplementary. The infrastructure of commerce is already so good. In China, e-commerce is the main course. We are building China’s infrastructure,” said Mr Ma, who will step down as chief executive of Alibaba Group in May but stay on as its executive chairman.
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