Chinese Internet giant Alibaba Group Holding Ltd. plans to double down on technology research and development to strengthen its core competence and support its vision of serving two billion people in the future.
The e-commerce company unveiled its grand plan at its inaugural tech summit, called "New Technology, New Future" held at its Hangzhou headquarters on March 9, with over 5,000 engineers in attendance.
Jack Ma, Alibaba’s executive chairman, reiterated his expectation that Alibaba will become the world’s fifth-largest "economy" in in the next 20 years, serving two billion customers, creating 100 million job opportunities and enabling 10 million businesses to make profits.
Ma said to hit that goal, the new economy he envisions must be built on the continuing development of technological infrastructure, without giving detailed plans.
"An economy ...
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