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Ramping up its export juggernaut and taking full advantage of WTO entry, China’s economy in the first decade of the new millennium was “boom with no bust.” The information revolution fed more growth, as hundreds of millions of Chinese came online. But the Internet also became a forum for discontent, and the new leadership team of Hu Jintao and Wen Jiabao acknowledged growing environmental and social justice concerns with their call for a more harmonious society. Then, as the credit crisis in the US spread into a global economic crisis, China’s export-dependent growth appeared in jeopardy, and fears of a Chinese crash surfaced. But, as in 1998, China weathered the storm, and emerged in 2010 as the world’s largest exporter, largest foreign creditor, and fastest growing major economy, poised to soon surpass Japan and eventually eclipse the United States as the biggest economy on the planet.

A Blind Man Riding on The Back of Blind Tigers

Period: Overdrive (2000s)

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  • WTO Was a Tool to Accelerate China's Growth

    Charlene Barshefsky

  • 2001 Marked a Change in China's Quality of Growth

    Trevor Houser

  • The Export Boom was Due to Dollar's Depreciation

    Brad Setser

  • The CCP Retains Strong Influence over the Economy

    Susan Shirk

  • Change in Leadership Causes a Change in Policy

    Li Cheng

  • China Needs to Bring The Environment Back in Sync

    Elizabeth Economy

  • This is a Great Moment Given All of That Legacy

    Robert Oxnam

  • The Olympics Was a Strange, Surreal Nightmare

    Ai Weiwei

  • The Internet Facilitates Social Mobility

    Michael Anti

  • China Needs to Innovate

    Isaac Mao

  • Listen to Outside Voices

    Rose Luqiu

  • Nobody Trusts The Chinese Government

    Mao Yushi

  • Olympic Epiphany

    Cai Guoqiang

  • Internet and Mobile Helped The Boom of Information

    Bruno Wu

  • A Blind Man Riding on The Back of Blind Tigers

    Jack Ma

  • China Has a Big Employment Problem

    Thomas Rawski

  • China's Reserves are Worthless Because They Can't Use Them

    Carl E. Walter

  • Chinese Companies React Faster

    Edward Tse

  • Generation Gaps

    David Zhang

  • It’s Not Just About Economics

    Frank Hawke

  • The Early Days of China’s Internet

    Chen Qi

  • No Dispensation from The Laws of Economics

    Stephen Roach

  • US-China Symbiosis Fed the Boom

    Federico Rampini

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Meettheexpert

Jack Ma

Lead Founder, Alibaba Group

Jack Ma is the founder of Alibaba Group and has been the chairman and chief executive officer since its inception in 1999. Ma is a pioneer in the Chinese internet industry and in 1995 founded China Pages, widely believed to be China's first Internet-based company. From 1998 to 1999, Ma headed an information technology company established by the China International Electronic Commerce Center (CIECC), a department of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC). Ma currently serves on the board of SOFTBANK Corp, a leading digital information company that is publicly traded on the Tokyo Stock Exchange. As a respected business leader, he was chosen by the World Economic Forum as a "Young Global Leader" in 2001, and selected by China Central Television (CCTV) and its viewers as one of the "Top 10 Business Leaders of the Year" in 2004. He was also named one of the "25 Most Powerful Businesspeople in Asia" by Fortune magazine in 2005, a "Businessperson of the Year" by BusinessWeek magazine in 2007, one of the 30 "World's Best CEOs" by Barron's in 2008, and one of the “TIME 100: The World’s Most Influential People” by TIME magazine in 2009. Ma is a member of APEC Business Advisory Council, which was established by the Asia-Pacific Economic Cooperation, or APEC, in 1995 as the vehicle for formalizing private sector participation in APEC. Ma holds a bachelor’s degree in English from Hangzhou Teacher's Institute.

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15 years ago, I came to Seattle. It was my first trip to the States, first time in my life I touched a keyboard and computers, first time in my life I connected to the internet, the first time I decided to leave as a teacher and start a company, called Chinapages.com. And that was the first internet company in China, and at that time I called myself a blind man riding on the back of blind tigers. Without knowing anything about technology or computers, I started the first company. And after 4 years of terrible experience, we failed and 10 years ago, I came back again with my CFO Joseph Tsai, who's here today. We came to the Silicon Valley, with the dreams that we have a dream for Alibaba, we wanted to help SMEs in China and the world to do business online. We believe the internet is a really great place for business and we call it Alibaba because we want "open sesame" for SMEs, small and medium sized companies. We came here looking for venture capitalists. After 2 weeks, we were rejected by all the venture capitalists because they think, "Well, it won't work, because how can you do e-commerce in China? How can you do internet in China? What are you talking about b2b and b2c? Too early for China." We were not disappointed. We were inspired by the Silicon Valley spirit, the American dreams. I remember that every evening when I walked on the street, I saw the traffic in Silicon Valley, the road to San Francisco, lined with traffic. And every evening when I go to Silicon Valley it's lined with lights, people working day and night. And every Saturday when I went, I couldn't even find a parking spot, because people were working hard on the weekends.

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Cite this Source >>
“A Blind Man Riding on The Back of Blind Tigers | Jack Ma | Overdrive | The China Boom Project.”
The China Boom Project.
The Asia Society Center on US-China Relations.
1 June 2010.
Web.
18 May 2025.
<https://chinaboom.asiasociety.org/period/overdrive/0/162>.
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