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Alibaba's Ma calls U.S.-China trade war "most stupid thing in this world"

Reuters  |  SHANGHAI 

By Jourdan

(Reuters) - The U.S.-trade war is the "most stupid thing in this world," Jack Ma, the of Asia's most valuable public company, Alibaba Group Holding Ltd, said on Monday.

The two countries have set tariffs on hundreds of billions of dollars of each other's goods and U.S. has threatened to slap tariffs on the remainder of China's $500 billion-plus exports to the if the trade dispute cannot be resolved.

Ma made the comments at the International Import Expo (CIIE) held in the Chinese commercial hub of

The U.S. trade deficit with China, which Trump has blamed for a variety of economic ills, has helped create jobs in the U.S. and without it the country would have big problems, Ma added.

China's shift to an import model is "going to be a huge pain for a lot of businesses, but it's also going to make a good opportunity for a lot of consumers," he said.

Ma also said the government should not worry about innovation, which it should back even if it threatened old, vested interests.

"My view is, 'Don't worry about technology'," Ma added. "The people who worry about technology are first, older people, second, government and third, successful people; they hate it and worry about it.

"I never see young people worry about technology."

(Reporting by in Shanghai; Writing by Engen Tham; Editing by and Clarence Fernandez)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 15:13 IST