E-commerce will change global trade: Jack Ma

Jack Ma, founder of Alibaba Group, said his next vision is to explore cross-border trade and to fundamentally change the existing trade pattern at a meeting in Hangzhou, Zhejiang province, on Thursday.

The meeting was attended by Premier Li Keqiang.

Ma said e-commerce will be able to affect the established arrangement between governments and the World Trade Organization, in addition to fundamentally reshaping production, global trade and transportation.

"I deeply believe that the arrangement will be replaced by a new trade pattern dominated by e-commerce. For instance, people in Argentina can buy products in Indonesian more easily," Ma said.

Ma said Internet-based credit rating system will be one of the methods to build China's credit system.

Global leaders, such as Paul Jacobs, chairman of Qualcomm, and James Smith, CEO of Thomson Reuters, also attended the meeting on Thursday.