MOSCOW, September 24 (RIA Novosti) – Success of Chinese e-commerce giant Alibaba Group will stimulate the country’s innovative performance and also open up new business possibilities, Internet marketing and business expert Li Zhong said in an article published in China Economic Net Wednesday.
“Alibaba Group eliminated the need for American role model so that China can employ its own innovations in the Internet industry,” Li Zhong said.
“The company’s ecosystem approach will allow to attract more enterprises to collaboration,” the expert added.
Alibaba was founded by Jack MA, a former English teacher, in 1999 and has profited from China's consumer class by dominating the e-commerce industry in the country. The company's board is controlled by a small group of investors.
Earlier this month, Jack MA, made a statement spelling out Alibaba’s mission as “to make it easy to do business anywhere.”
“We believe that only by creating an open, collaborative and prosperous ecosystem that enables its constituents to fully participate can we truly help our small business and consumer customers,” the company’s founder said.
On Monday, the company raised $25.3 billion in its initial public offering making it the biggest IPO in history.