Alibaba Is Best Placed to Harness Digital for Business, CEO Zhang Says
Zhang Yushuo
DATE:  Sep 30 2020
/ SOURCE:  Yicai
Alibaba Is Best Placed to Harness Digital for Business, CEO Zhang Says Alibaba Is Best Placed to Harness Digital for Business, CEO Zhang Says

(Yicai Global) Sept. 30 -- Alibaba Group Holding is the company "best positioned" to use digital technologies to make business easier, according to the Chinese internet giant's chief executive.

"Throughout the past 20 years, we have continuously leveraged digital technology -- the marriage of technology and commerce -- to make it easy to do business anywhere," Daniel Zhang said to mark the conclusion of the firm's three-day annual investor event that wrapped up today.

Alibaba is driving China's consumption growth. In the 12 months ended June, it notched up a digital economy gross merchandise value of CNY7.3 trillion (USD1.07 trillion), accounting for 18 percent of the country’s total retail sales. The ranks of Alibaba’s annual active consumers has reached 1 billion globally.

"We believe digitalization is a historic opportunity which Alibaba is best positioned to capture," said Zhang, who is also chairman of the Hangzhou-based company

Alibaba Cloud is expected to become profitable in the coming fiscal year, Chief Financial Officer Maggie Wu told an online investor event. Cainiao, Alibaba's logistics arm, is also expected to generate positive operating cash flow next year.

Meanwhile, over the course of this year's Investor Day, Alibaba pointed to Chinese domestic consumption, cloud computing and data intelligence as well as globalization as its three core growth engines.

Editor: Peter Thomas

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Keywords:   Alibaba Group,E-commerce,Alibaba Cloud,Cainiao,Daniel Zhang,Maggie Wu,Investor Day