Alibaba and the model itself.

For many in the West,

if you will, they don't

necessarily understand it.

To the extent that I

can try to compare

it to Amazon which I know you

think is an unfair comparison.

One of the things that's so

fascinating to me is that

Amazon and Jeff Bezos have

pursued what might be described

as a very asset heavy business model.

They're buying

airplanes. They want to own the

entire supply chain from

beginning to end and Alibaba

has effectively an asset-light business.

It is very much in

terms of the retail piece of

this the opposite.

You don't want to own the

warehouses. You don't want to

own the logistics companies.

How do you think about that?

Is Jeff Bezos right or are you right?

And is there

going to be a meeting in the

middle?

I hope both are right.

And because the world can never

have one model.

If the world has only one

correct model,

the world is too boring.

We need to have all kinds of

models and the people

who do the model should believe

in the model. And I believe in

what I do.

Right.

The difference between Amazon

and us,

Amazon is more like an empire.

Everything they should control

themselves, by themselves.

And our philosophy is that we

want a bigger ecosystem.

Our philosophy is to empower

others to sell,

empower others to

service, empower,

make sure the other people

are more powerful than us.

Making sure with our

technology,

our innovation,

our partners,

our 10 million small business

sellers, they can compete

with Microsoft,

IBM.

Our philosophy is that we think

using Internet technology,

we can make every company

become Amazon.

Remember one thing,

today for ourselves,

our last year is

more than 550 billion

U.S. dollars.

To hire people deliver for us,

we need 5 million people.

So how can we have five

million people deliver things for us,

to deliver the things

we sold?

The only way we do is empower

the service company,

logistics companies,

making sure they are efficient,

making sure that they make the

money, and making sure that

they can hire more people.

But without owning the whole

chain, can you do it as

effectively? The idea that

you're watching Amazon

being able to deliver things

now within hours literally.

We made

125

cities deliver within

one day last year.

Imagine 10 years ago,

deliver one thing from Beijing

to Hangzhou it takes about

eight days.

Now you can deliver things from

the Hangzhou to Beijing to

inner Mongolia some city

within 12 hours.

It's improving.

You can never expect these

things happen within 24 hours.

We have patience.

So I think...

Can imagine that within

the 11.11 Single's Day,

we sold $17

billion dollars

and by delivering more

than 600 million packages

within three days.

This is happening and this is

what we feel proud of.

It's not how much money we

make, it's not how powerful

we are,

we think because of the

technology,

we can make the technology

very inclusive that

every small company can use.

This is my dream because

I started my first business in

1992 in China

as a small business.

In order to borrow money

5,000 U.S. dollars

from bank took me three

months to acquire.

Still failed.

So difficult to be a small

business. Today with the

technology,

we can empower them.

This is something I

want to do.