Should investors be worrying about China’s recent economic downturn? The founder and executive chairman of e-commerce giant Alibaba says no. Why? He says the Chinese people save much more than do Americans, so they have more money to spend in economic downturns.
Jack Ma to US: Quit worrying so much about China
Despite a much-discussed domestic slowdown, China has a quality that America doesn’t, which could take its economy through tough times, the tech leader said. “People say ‘Well you know the economy’s bad, so China consumption will be low.’ No, totally different,” Ma said. “You Americans love to spend tomorrow’s money, and other people’s money maybe. … We Chinese love to save money.” Ma said Chinese consumers are among the world’s biggest savers. In fact, the World Bank ranks China fourth among
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