Alibaba, founded by Jack Ma, Joseph C Tsai, Peng Lei, Trudy Dai, Carthy Zhang Simon Xie, Jianhang Jin, Toto Sun, Ma Changwei and Shi Yufeng has taking the lead to be Asia’s e-commerce giant which also operate other various businesses such as Taobao, T Mall, 1688, Alimama, Ant Financial, Alibaba Cloud, Ali express and a lot more.
commons.wikimedia
A little about the Alibaba Group
With a strong vision and no whitepaper or strong written plan, Jack Ma who was a former English teacher was able to insight a future of commerce into the heart of 17 people from China and outside china. Jack Ma was able to share his belief about the internet possibilities and how it could be used to sell goods produced by Chinese entrepreneurs, businesses, manufacturers and exporters internationally with his team who caught the insight and decided to give it a shot. Alibaba lunched in 1999 and has since improved the economy of China.
China and Coronavirus
China, the most populous country in the world being an economic power has been experiencing a high growth in GDP due to the amount of locally produced goods that are being exported to other countries in the world. China being able to give fairly quality goods at a cheap price with the help of cheap labor from the citizens as well as readily available loans from banks, have become the choice of most countries, especially underdeveloped countries.
WHO report
In November 2019, An Outbreak of coronavirus occurred in Wuhan district of china. It is believed that the outbreak is a result of animal to human spread at first occurrence which has grown to become an epidemic due to human to human spread. COVID-19 as WHO officially gives novel coronavirus a name is a family of coronavirus that cause large forms of illness from respiratory illnesses like common cold to severe illnesses like acute respiratory syndrome (SARS-CoV) and middle-east respiratory syndrome (MERS-COV)
WHO report
WHO has said that the zoonotic epidemic like other zoonotic virus is linked to animals and COVID-19 is believed to be linked to Bats (Rhinolophus bat sub-species) which are common in southern china, Asia, the Middle East, Africa and Europe. With 500+ bats confirmed with corona virus in china, it is believed that the epidemic was linked to bats. It is not sure the outbreak started as bats are not sold largely in china markets, rather they are hunted by bat hunters who sell them to restaurants for food. It is unclear if the first intermediate host transmitted the virus through food, contact or respiration. WHO says this study is not confirmed yet but still a hypothesis, as research is done by medical researchers around the world to find the cause. It is believed that being able to find the animal cause will help stop the spread.
WHO report
Alibaba Group Support Chinese
A lot of businesses has shut down their branches in china provinces due to the increase in infected people, also has this affected a lot of Chinese companies stock market putting them in a tank. Companies such as Alibaba (BABA) JD.com (JD), Pinduoduo (PDD), Vipshop (VIPS) and Baidu (BIDU) are being affected with the outbreak of Coronavirus. The china stock market meltdown due to the virus will also make the government spend billions of dollars shoring up the price using state owned financing companies.
WHO report
Alibaba group has decided to help battle coronavirus by helping small and medium businesses affected in china. The group will be doing this by waiving some fees for merchants who use Alibaba e-commerce sites also, the groups says its affiliate Ant financial will be partnering with Alibaba to provide low financial services to online merchants who need finance for business.
Checkout @project.hope and support the Community. Your support can go a long way.
I think big companies - but also small capitalists - are only helping if they see a business there. If the aid has some marketing value, for example. But this is normal. Companies have the goal to make profit, not to donate and lose money on charity. Governments and non-goverment organizations have different goals.
Lowering fees can be part of the fight against competitors, too.
I also thought as much. This looks like charity in some form but at the same time profit will be made. Alibaba Group has done well in terms of supporting chinese and alibaba is at it again.
I am thinking that this disease will have a long-term negative impact on the world economy, I do not have business directly with Chinese companies, but I have read that it is currently the second largest economic power in the world, so it is almost impossible that if your economy He suffers from the paralysis and the health fence to control the disease, surely all the other economies in the world will have effects as well.
China economy will affect a whole lot of countries economy most especially Africa as china loans a lot of african countries in billions of dollars as well as produces over 50 percent of the imported goods into Africa. COVID-19 is taking a wrong part with china but i think china is also good at minting fresh money. Also they are buying back shares in the chinese market so their economy still remains stable if it is not going up.
I believe china needs every help they can get. Alibaba has done well to assist citizens of china with loans and percentage off while using their online market. Anyway, i see it as a way to advertise Alibaba to the world so after the COVID-19 epidemic is down their stocks will rise. Also, the loans he is given are going to be paid back and with little interest so i just see this as a business strategy.
It sounds like a propaganda tool but the fact that Alibaba is able to do something to support citizens is a good act
It is amazing the amount of money the chinese government are pumping into COVID-19. It starts to amaze me if china is so rich that i haven't heard of their government borrowing money from neighbouring countries yet they keep pumping in money as well as buying stocks to keep the stock market stable.
Alibaba has done something remarkable to assist China although it has lost a lot in the stockmarket since the beginning of the epidemic. It is a good thing that he is supporting chinese online entrepreneurs
This is a very good observation. I guess china is rich enough to handle coronavirus, being an economic power is not a title for poor countries.
Dear @gbenga
Imagine my shock when I woke in the morning just to learn, that amount of infected people went up from 45k just yesterday to 60k today. I'm completely shocked and worried more than I did just 24h ago.
That's actually not true. Their GDP was growing for past 10 years mostly because of construction sector. Trade with the west = pennies.
However right now their GDP is already decreasing because property market has been overheating. "one belt one road" initiative is also slowing down. There is already many ghost towns build left and right. Chinese central bank has printing money like crazy and giving loans to developers.
All they needed to do: build, build, build. It's like running a business, which is not bringing much revenue but it's growing because of amount of money raised from investors / borrowed from banks. This could not last forever.
And current virus outbreak is most likely going to break this economy. I hope I'm wrong.
Solid read, upvoted already
Yours, Piotr
I think that is a good idea from Alibaba, but we all know that profit should be made in the long run.
In my opinion behind this "Noble Gesture" there is only one great strategic business move.
The greatest entrepreneurs in history are those who have taken advantage of the opportunities, regardless of the circumstances.
Surnames such as Rockefeller and Ford, even Bill Gates himself have only managed to capitalize on success by taking advantage of the right moment.
Upvoted 👌 (Mana: 10/15 - need recharge?)