Alibaba says it will help China acquire $ 200 billion worth of goods over the next five years

Alibaba says it will help China acquire $ 200 billion worth of goods over the next five years

Daniel Zhang, Chief Executive Officer of Alibaba Group Holding Ltd., speaks at a press conference in Shanghai, China.

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Daniel Zhang, Chief Executive Officer of Alibaba Group Holding Ltd., speaks at a press conference in Shanghai, China.

SHANGHAI, China – E-commerce giant Alibaba announced Tuesday that it will help global companies sell $ 200 billion worth of goods to China over the next five years.

JD.com, Alibaba's competing e-commerce competitor, announced Monday it would buy nearly 100 billion yuan ($ 14.4 billion) in overseas goods. No timeframe specified.

Zhang's comments expressed outgoing Alibaba chairman Jack Ma to work with small businesses on the company's e-commerce platforms.

Ma said in September that Alibaba can no longer meet its promise to create 1 million jobs in the US due to trade tensions.

At a separate event on Monday next to the show, Ma called the US-China trade war the "dumbest thing in the world," according to Reuters and state media reports.

Zhang will seek succession as Chairman of the Board next September. Until this time, Ma remains chairman of the board. He plans to remain on the Board of Directors until the 2020 AGM, focusing more on philanthropy and education.

Last week, Alibaba lowered its revenue forecast for financial year 2019 by 4 to 6 percent.

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