World should focus more on small businesses, young people: Jack Ma

Jack Ma, executive chairman of Alibaba Group, speaks at the Bloomberg Global Business Forum on September 20, 2017 in New York City. [Photo/VCG]

NEW YORK - The world should make sure small businesses and developing countries benefit from globalization and offer young people opportunities to be involved in global issues, said Jack Ma, founder and chairman of China's online retail giant Alibaba.

Ma said at the Bloomberg Global Business Forum held in New York City on Wednesday that the world used to focus on supporting 20 percent of the big companies and that the situation has to change.

"I'm a believer of small is beautiful and small is powerful," said Ma in his remarks.

He urged the world to start focusing on the rest 80 percent of the businesses that have not had much support in the past.

Developing countries also deserve more attention in the global efforts of creating a more inclusive, sustainable, and healthy environment, he added.

"The world not only need G20, B20, we need G200 and B200," said Ma.

In his speech, Ma placed special emphasis on reforming education for young people in order to prepare them for the era of data technology.

On the young generation, Ma said "they do not want to get informed, they want to be involved."

He said that technology has destroyed many jobs but at the same time brought a lot of opportunities.

Countries around the world should teach the "kids to be very, very innovative, very creative" so that the kids will seize those opportunities, he added.