HANGZHOU, China: Prime Minister Nawaz Sharif Tuesday visited the headquarters of e-commerce giant Alibaba Group in scenic Hangzhou city of China’s Zhejiang province.
Accompanied by Federal Commerce Minister Engineer Khurram Dastgir, the prime minister was received by Executive Chairman of the company Jack Ma, who founded the entity in 1999 which has now flourished as one of the world’s largest global online market.
The prime minister visited the Alibaba Museum wherein he was giving an overview of the company’s history and profile, what Executive Chairman said had also set a record of earning a revenue of $18 billion dollar in a day.
Besides online trade, the prime minister was apprised that, Alibaba has also spread its network to rural economy, microfinancing, marketing, public welfare, life sciences and traffic control with 33,000 stations operating across the globe.
Jack Ma told that the company had a consumer base of around two billion besides providing jobs to 100 million people.
Alibaba chief told the prime minister that in its microfinancing business, the company had a recovery ratio of around 99 percent in what the prime minister remarked that smaller entities had a very low default ratio.