Its a tough year for businesses, and its going to get worse


This year has been particularly tough for Chinese entrepreneurs, but the hardship has only just begun, according to Alibaba founder Jack Ma, who also said a phase one trade deal with the US marked the start of real change.

Ma, who stepped down as executive chairman of the Chinese e-commerce giant in September at the age of 55, told a conference in Shanghai on Saturday that businesspeople had to understand that the hardship of 2019 is probably just the start of difficulties. 

At the same time, he urged entrepreneurs to be confident and to adapt to sweeping changes in the world and in the Chinese economy, according to a transcript of his speech at the Zhejiang Chamber of Commerce annual conference.

Its the end of the year, and yesterday I received many phone calls from friends asking to borrow money I received five such phone calls in a single day. In the past week, 10 friends were trying to sell their properties it is truly difficult for them, Ma said.

The year 2019 has been tough. Those of us running businesses know that every year is tough in past years only some entrepreneurs have found it hard, but in 2019 probably most entrepreneurs have found it difficult, he said.

We must change ourselves to adapt and I believe this is also where new opportunities start, he said.

While China is expected to report a headline economic growth rate above 6 per cent for 2019, a long list of business owners are struggling to keep afloat in a difficult environment, as easy credit dries up.

Source: https://www.scmp.com

Editor's Picks

  • More and more Chinese women seek foreign husbands

  • Top 10 Common Differences Between Western and Chinese Culture

  • White guy hilariously imitates Chinese girls in 4-minute clip

  • 18 pictures that prove autocorrect is ruining our lives

  • English gone wrong, horribly wrong, on shirts in China

  • 24 awesome Chinglish signs

  • Top 100 usefull Chinese phrases

  • Xi'an university implements absurd female urinals to save water

Below is a paid advertisement

AlienShop is an online venture for expats in China. If you are looking to purchase awesome gadgets then do add us. AlienShop sells TV Box for International Channels, VPN, Mobile Phones, Laptops, MacBook's, iPads, Tablets. 

Capture your life moments with DSLR Cameras. We got you covered with almost every Electronic Accessories and gadgets you are Looking for. You Name it & we got it!

Long press the QR code to add us or add Wechat: Alienshop1 

Pay 200 to buy 150 English picture books

How to Buy:

Option 1: Buy at our Weidian () Panda Guides: Long press the following QR-code

Option 2: please add WeChat: 18115908753 and send request of "buy book"


Subscribe by Email

Follow Updates Articles from This Blog via Email

No Comments