2019/12/23

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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


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