[ad_1]
<div _ngcontent-c16 = "" innerhtml = "
Chairman of Alibaba group Jack Ma. (Photo by Vichan Poti / Pacific Press / LightRocket via Getty Images)
Alibaba group chairman Jack Ma, a former English teacher turned into the Chinese billionaire's Internet icon, plans to retire on Monday, the New York Times reported on Friday.
Ma, one of the richest men in the country with a fortune estimated at $ 37 billion by Forbes, plans to spend more time on philanthropy in education, the paper said. "I love education," Ma said in an interview. Ma, who turns 54 on Monday, has expressed interest in returning to teaching in an interview earlier this week, saying Bloomberg: the executive could not be reached for comment .
Ma, co-founder of the company, would stay on Alibaba's board, the Times said.
The elven billionaire with dramatic flair would leave in a commercial and political environment in China that has changed a lot since the founding of Alibaba in 1999. The country is today the second largest economy in the world and is home to one of the most most important groups. Internet and mobile users, helping Alibaba, a New York-based company, boost revenue and increase its market capitalization to $ 418 billion Friday, despite criticism of fake sales. The books on Ma for business travelers are part of the bookstores of Chinese airports; The explosive growth of Alibaba has also helped to make the hometown of Hangzhou, in east China, a technological departure point.
Under the current Communist Party chairman, Xi Jinping, China has become an increasingly aggressive technology and a military rival to the United States (see story here). Tariff increases, with a series of new US taxes on Chinese exports of $ 200 billion to the United States, are expected to cause a deterioration in relations between the two countries and have contributed to the decline of the US. Chinese stock index of a quarter since mid-January. Shares traded in Hong Kong on Alibaba 's competitor, Tencent, led by billionaire Ma Huateng, have collapsed by a third since the beginning of the year. Alibaba shares have lost 23% of their value since mid-June and have closed to their lowest level since more than a year on Friday.
Western business leaders who scoff at the Chinese government's support for "free trade" increasingly criticize Beijing's deep-rooted trade restrictions on foreign corporate market access and targeted industrial policies in an economic system described as "socialism with Chinese characteristics". The Chinese leaders of the sector, meanwhile, complain of an inclination of the economic policy towards public enterprises. (See the related article here.)
Alibaba, which was originally a targeted e-commerce platform, has become a business with significant spin-offs in the areas of finance, logistics, healthcare and entertainment. Ma stepped down as CEO in 2013; Day-to-day management is now handled by CEO Danial Zhang.
– Follow me on Twitter @rflannerychina
">
Chairman of Alibaba group Jack Ma. (Photo by Vichan Poti / Pacific Press / LightRocket via Getty Images)
Alibaba group chairman Jack Ma, a former English teacher turned into the Chinese billionaire's Internet icon, plans to retire on Monday, the New York Times reported on Friday.
Ma, one of the richest men in the country with a fortune estimated at $ 37 billion by Forbes, plans to spend more time on philanthropy in education, the paper said. "I love education," Ma said in an interview. Ma, who turns 54 on Monday, has expressed interest in returning to teaching in an interview earlier this week, saying Bloomberg: the executive could not be reached for comment .
Ma, co-founder of the company, would stay on Alibaba's board, the Times said.
The elven billionaire with dramatic flair would leave in a commercial and political environment in China that has changed a lot since the founding of Alibaba in 1999. The country is today the second largest economy in the world and is home to one of the most most important groups. Internet and mobile users, helping Alibaba, a New York-based company, boost revenue and increase its market capitalization to $ 418 billion Friday, despite criticism of fake sales. The books on Ma for business travelers are part of the bookstores of Chinese airports; The explosive growth of Alibaba has also helped to make the hometown of Hangzhou, in east China, a technological departure point.
Under the current Communist Party chairman, Xi Jinping, China has become an increasingly aggressive technology and a military rival to the United States (see story here). Tariff increases, with a series of new US taxes on Chinese exports of $ 200 billion to the United States, are expected to cause a deterioration in relations between the two countries and have contributed to the decline of the US. Chinese stock index of a quarter since mid-January. Shares traded in Hong Kong on Alibaba 's competitor, Tencent, led by billionaire Ma Huateng, have collapsed by a third since the beginning of the year. Alibaba shares have lost 23% of their value since mid-June and have closed to their lowest level since more than a year on Friday.
Western business leaders who scoff at the Chinese government's support for "free trade" increasingly criticize Beijing's deep-rooted trade restrictions on foreign corporate market access and targeted industrial policies in an economic system described as "socialism with Chinese characteristics". The Chinese leaders of the sector, meanwhile, complain of an inclination of the economic policy towards public enterprises. (See the related article here.)
Alibaba, which was originally a targeted e-commerce platform, has become a business with significant spin-offs in the areas of finance, logistics, healthcare and entertainment. Ma stepped down as CEO in 2013; Day-to-day management is now handled by CEO Danial Zhang.
– Follow me on Twitter @rflannerychina
