SAN FRANCISCO: Alibaba Group Holding Ltd vice chairman Joseph Tsai said the e-commerce giant has experienced limited impact from China’s broader economic slowdown as more and more businesses move to the Internet.
“Our business is delinked” from the Chinese economy because “we’re in e-commerce and we’re digitising the whole sector”, Tsai said on Tuesday at the Goldman Sachs Group Inc technology conference here in San Francisco. Tsai said the company’s growth would continue to outpace the broader economy as digital commerce expands faster than the traditional retail business.
China’s economy expanded 6.4% in the last three months of 2018 from a year earlier, according to the country’s National Bureau of Statistics.
Alibaba’s revenue rose 41% to 117.3 billion yuan (RM70.4 billion), though that was the slowest pace in more than two years. The company’s been spearheading a drive into lucrative new spheres such as cloud services and entertainment, while helping modernise physical retailers. — Bloomberg