Jack Ma, president of China's Alibaba Group, described the China-US trade war as the stupidest thing in the world and emphasized that technology would solve the trade deficit problem over the next two decades.
The Sino-US trade war is "the dumbest thing in the world," said the group's president during the Shanghai World Expo in Shanghai.
"Today is very important for China and for the world, because China is shifting from exporter to importer."
China's transformation into an import model – and Jack Ma's "will be a source of great suffering for many companies, but it will also be a good opportunity for many consumers."
The industry no longer offers jobs – says the Chinese official – but the service sector is doing so.
"There will be no trade deficit in the next 20 years because of the technology," said Jack Ma.
He added that the US trade deficit with his country – which President Donald Trump blamed for a series of economic problems – helped create jobs in the United States and that the country was in serious trouble.
"Citizens do not like the WTO and trade because trade agreements have not been comprehensive in the past, but this will change with technology," Ma Ma said.
Jack Ma is a former English teacher who is described as "true self" and ranks 19th among the richest in the world, according to Bloomberg, and has about $ 40 billion.
In 1999, the Chinese billionaire founded the e-commerce site AliBaba.com with a capital of $ 60,000, raising the company's market value to more than $ 400 billion.