China benefits from stability of one-party system, says Alibaba's Jack Ma

Beijing

ALIBABA Group Holding Ltd's Jack Ma said China benefits from the stability of its single-party system, contrasting that with the unpredictability of US politics.

The Chinese billionaire made the comments in response to a question about the country's economy and its prospects for growth. He said he has confidence in China's potential and cited as his number one reason the stability of one party in the country, which has been led by the Communists since 1949. In the US, the Democrats go one way, then the Republicans go another, he said, which complicates planning.

"I am very confident about China," Mr Ma said during an onstage interview at Fortune magazine's conference in Guangzhou.

It is Mr Ma's second explicitly political declaration this week. At China's World Internet Conference in Wuzhen, Alibaba's chairman spoke out in support of the government's tight control online and lectured foreign competitors on their strategies in the country. He said companies such as Facebook Inc and Google that want to operate in China need to "follow the rules", implying that they need to adhere to censorship controls to gain access to its citizens.

Also in Guangzhou for the conference are Apple Inc chief executive officer Tim Cook, Tencent Holdings Ltd's Pony Ma, and Terry Gou, CEO of iPhone manufacturer Hon Hai Precision Industry Co.

The Alibaba co-founder said that, despite fears that technology will eliminate jobs and increase inequality, he does not think that is the case. Though e-commerce and other tech-focused business models may make certain jobs obsolete, they will also open up new opportunities.

"Human beings should have confidence," he said. "We will control machines, machines will not control us."

Mr Ma acknowledged tensions between the US and China, but remained optimistic about avoiding a serious trade war. He met President Donald Trump and thinks he is making progress.

Yet, Mr Ma said business people should not wait for politicians to lead the way in decision making. Instead, the business community should take responsibility for leadership.

"Be optimistic and take action," he said. BLOOMBERG