founder of Alibaba Group Jack Ma stepped down as chairman of company on his 55th birthday on September 10. decision came when industry is facing problems due to ongoing tre war between US and China. Ma was responsible for launch of online business in China with Alibaba which later became one of world's largest e-commerce companies. A year ago, Ma anunced that company's present CEO Daniel Zhang will become his successor. He will, however, remain as a member of Alibaba Partnership.

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One of richest entrepreneurs in China

Ma was an English teacher before he founded Alibaba in year 1999 in order to have a link between Chinese exporters and American retailers. He will continue as a member of 36-member group, Alibaba Partnership, that has authority to choose a majority of board of directors of Alibaba Group. He is also a popular figure who makes a lot of television appearances. Ma's assets reportedly are over 38 billion dollars, which makes him one of richest entrepreneurs in China. He bought Hong Kong's most popular English newspaper called South China Morning Post in 2015. 

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Impact of US-China tariff war on Alibaba

focus of Alibaba is w more on China's growing consumer market. It has developed in sector of online banking, entertainment, and cloud computing. Towards end of June, national business of company accounted for 66% of its $16.7 billion. market of China is facing problems because of uncertainty created by current tre war going on between China and US that has raised tariff of US goods imported. online sector saw growth and went down to 17.8% by mid of 2019 as compared to 23.9% last year, making it very difficult for Chinese ecomy to grow. deputy chairman of company, Joe Tsai while speaking to media in May said that Alibaba is on right side of issues in US-China tre talks and it is to benefit from Beijing's assurance of increasing import of goods and growing consumer market. 

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Consumer-focused retailing and services

A really less number of Chinese were on online platform when Alibaba was founded. With growth of internet, company also grew its market into consumer-focused retailing and services. Alibaba even provided international shipping to many major countries. People across globe did purchasing from Alibaba since y provided a variety of products at rmal costs. Chinese population did t use credit cards much so company built a new online payment system. It's business plans involve business-to-business Alibaba.com, a link between Chinese suppliers and foreign buyers. 

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(With inputs from AP)