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Co-founder of Alibaba: Jack Ma Doing Well and Hong Kong Will Be "Fine"

Joe Tsai is certain to reassure those who are concerned about Hong Kong's future—and Jack Ma, his friend.

In a Tuesday interview with CNBC, Alibaba's co-founder talked about both topics separately.

He forecast that "Hong Kong will be fine despite the pandemic, economic slowdown and geopolitical tension."

"Everything has become stabilized since they have introduced the National Security law," Tsai said, referring to a controversial measure adopted in the city last year following months of historic mass protests. The law prohibited sedition, secession and subversion against Beijing and permitted the operation of Chinese national security.

Since that time, countless opposition militants have been arrested. Schools have been ordered to delete critical books from their curriculums.

In his experience of the crisis, Tsai, the billionaire businessmen in Hong Kong, told the audience that 'I was afraid to walk on the street when people protested in 2019.'

Tsai who grew up in Taiwan added: "I felt physically threatened by... these protestors.

Tsai now argues that Hong Kong still offers many competitive advantages as a global hub, from a low revenue-tax rate to open markets, despite its reverses.

"The free market economy," he said. "It's a free market economy. "Today you've put money on the Hong Kong Börse... You can take it out in US dollars in Hong Kong dollars tomorrow. Capital is free to flow."

Hong Kong has long been regarded as a vital center for business between East and West. Even following the 1997 handing over of the town from England to China, it retained its image for decades and helped to retain its semi-autonomous status 50 years from the date of transfer by means of a commitment made by Beijing.

More recently, however, it has been called into question as an international gateway, as the American Chamber of Commerce in Hong Kong states, with "a never-ending number of expatriates leaving or planning to leave the City during the past few years."

Earlier this year, the city was booted off a reputable index of economic freedom that it used to lead. The movement was blasted by Hong Kong officials saying "was neither justified nor justified" to exclude the territory.

Despite securing and making available millions of free vaccines, Hong Kong has also encountered difficulties in its vaccination campaign. About 26.3% of the town's population

In his interview, Tsai also updated his company partner, Alibaba co-founder Jack Ma, who was largely out of public view with regulators after landing in hot water last year.

Last year, I was angry with Beijing after the authorities accused the Chinese banks of softening innovation by the "pawn shop" mentality.

In the meantime, regulators in China, including Alibaba, have been engaged in unprecedented clampdown.

Asked, Tsai said that Ma was "low right now" when she took on new hobbies like painting.

"Every day I speak to him... In fact, he's doing very, very good," he said. "I think what's happening must be separated

Content created and supplied by: shadrackkibetkirui (via Opera News )

Alibaba CNBC Hong Hong Kong Jack Ma


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