Alibaba founder Jack Ma said the Chinese company will no longer create one million new jobs in America, as he had previously promised U.S. President Donald Trump due to the rocky trade relationship between the two nations.
"The current situation has already ruined that".
Tech tycoon Jack Ma has told investors to hunker down for a drawn out trade war between the U.S. and China that can last for upto 20 years. However, the 54-year-old tech tycoon said that the trade war is "against China" and hit out at his country's policies, calling on Chinese leaders to see the damage inflicted by Trump's tariff salvo, as an opportunity to "upgrade".
"But we will continue to work hard to promote the healthy development of China-US trade". Instead of building factories, or establishing Alibaba operation centers in the USA, the Chinese billionaire expressed hope that small American businesses can sell goods to consumers in China thereby creating more domestic jobs in the US.
"Trade is not a weapon for war, but a propeller of peace", Ma said.
Alibaba has established a quantum computing laboratory now proceeding with 81-bit random quantum network simulation, and plans to release standard quantum chips in the next 2-3 years, Zhang was cited as saying.
"The U.S. like competition, China likes harmony, they're two different cultures", Ma said at an investor conference in Shanghai on Tuesday.
The day before, Trump had slapped a 10 percent tariff on about $200 billion worth of Chinese imports and threatened to impose duties on an additional $267 billion.
The company acquired Chinese microchip company Hangzhou C-SKY Microsystems in April this year as part of its cloud-based IoT push.
Ma announced earlier this month that he would step down as chairman of the country's top e-commerce company next September and focus more on philanthropy.
The physical manufacturing will not vanish, but the backward one will, Ma said, speaking in terms of a time frame of 10 to fifteen years.