Jack Ma says 2019 was 'tough' for entrepreneurs but hardships have 'just begun'

Jack Ma, Alibaba founder said on December 21 that 2019 has been particularly hard for entrepreneurs in China but hardships have only just begun. Ma, who previously said that 'phase one' of US-China tre deal marked start of 'real change' attended a conference in Shanghai where he said 'hardship of this year is probably just start'. Reportedly, recently stepped down CEO of Chinese e-commerce giant wants businessmen in country to remain confident and apt to sweeping changes.

Ma's friends want to borrow money

55-year-old reportedly said that because it is end of year he received phone calls from many of his friends who wanted to borrow money from him. In a single day, Ma received five such phone calls and in past week, ten people among his circle were trying to sell ir properties and ackwledged that it is 'difficult for m'. Ma furr elaborated that those people who are actually running businesses kw that every year is 'tough' but ' year 2019 has been tough'. In past years, it was only some entrepreneurs who used to find hardships in ir work, but in this year 'probably most entrepreneurs have found it difficult'. 

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Ma is currently richest man in China and also face of private companies in country also said that world is currently 'entering a period of change' and 'Chinese ecomy is facing huge justment'. 55-year-old believes businessmen must 'change mselves' in order to apt and broen spectrum of opportunities. However, Ma did t go into specifics in his speech. China is reportedly expected to report a heline ecomic growth rate above six per cent for 2019 and a long list of entrepreneurs are struggling to keep afloat. 

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Jack Ma h taken a final bow from Alibaba with a Rockstar performance and played guitar in a performance said to be witnessed by thousands of company employees in China. Jack Ma handed over reigns of e-commerce company to current Chief Executive Officer (CEO) Daniel Zhang. Jack Ma literally looked like Rockstar, that he was at Alibaba. It is reported that he even shed a few tears when his own staff paid tributes to him through performances.   

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