Alibaba's Jack Ma calls trade war 'stupidest thing in the world'

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-China trade war is the "most stupid thing in this world".

The remark assumes significance as it has come amidst China's trade war with the United States.

Ma, whose online commerce empire is China's largest corporation, has been a vocal opponent of tit-for-tat tariffs imposed on hundreds of billions of dollars' worth of U.S.

The e-tail tycoon, who had previously announced his intention to retire in a year's time to focus attention on philanthropy, said China's plans to reinvent itself as an importing nation would trigger resistance from vested interests.

The event has drawn several foreign heads of government including Russian Prime Minister Dmitry Medvedev and Pakistani premier Imran Khan, though most are from small African or Asian countries dependent on China trade.

The US and European Union business lobbies in China, and the French and German ambassadors to Beijing, last week called on China to use the expo to announce concrete change, saying it too often fails to deliver on promises.

"Nothing must change that goal, which in the end is a collective goal", she said, adding the essence of multilateralism is individual countries taking complementary steps "to reach a common objective". "This is going to be very painful for many companies, but it will also be a good opportunity for a lot of consumers".

But US officials say that amounts to China trying to buy its way out of criticism with a short-term import bump rather than real reform. President Trump blames the trade deficit for a host of USA economic ills including rising unemployment, which was one of the key issues he raised as an election issue.




Ma has ascribed his failure to provide 1 Million new US Jobs to the trade conflict.

According to him, it's the older people who worry about technology, then the government, and, thirdly, the successful people as they hated it.

According to Jack Ma, the goal of trade was to promote peace and communication as opposed to the conflict which the U.S President has engineered. The trade, it is (...) to communicate.

"They should not just point fingers at others to gloss over their own problems", Xi said, decrying "protectionism", "isolationism" and confrontation.

"This constant repetition, without sufficient concrete measures or timelines being introduced, has left the European business community increasingly desensitised to these kinds of promises", it said in a statement late Monday.

Earlier in the morning, the president, Xi Jinping, had inaugurated the protest in the economic capital of China with the promise repeated to further open the chinese market to imports.

Opening the trade show, Xi had pledged to widen access to the economy.

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