Jack Ma confident in EU's economic recovery

Jack Ma, chairman of the China Entrepreneur Club and chairman of the Alibaba Group. [Photo provided to chinadaily.com.cn]

Alibaba Group chairman Jack Ma thinks Chinese companies should integrate and participate in local markets while going global.

"Globalization is not about opening some factories overseas, nor about speaking good English. It is not about just going abroad, but about integrating and participating in building local markets, creating value, and paying taxes to the local country," he says.

"This is the only way Chinese companies will be able to gain respect. "

Ma was elected as the chairman of the China Entrepreneur Club last month after the retirement of previous chairman Liu Chuanzhi． Ma was in Beijing meeting with more than 130 members of the media on Sunday where he shared his understandings about business.

While talking about the prospect of global markets, Ma says that he is quite confident in the recovery of Europe's economy．

The Western economic system is clear and complete, and is able to deal with their problem and that only needs time.

Moreover, Chinese companies would have great opportunities in Europe, more than any other areas. He says that as Chinese economy is going to put more focus on consumption, service and technology, in which Europe has strength and a lot to share.

"I personally think Europe is the best place to go, easier than entering the United States, the Asia, and Africa and Latin America markets. The CEC is now increasing communications with the Europe, because we see the opportunities there," Ma said.

Established in 2006 as an NGO by 31 Chinese business leaders, the China Entrepreneur Club has been promoting a sustainable development of economy and entrepreneurship.

At present, most of the member companies are leaders of various industries, and the annual income of the 49 member companies totaled more than 3 trillion yuan.