Subtitles section Play video Print subtitles Want to talk a little bit about 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.