The CEO of the world's largest business to business web site says small business needs to be a big part of the economic recovery and his firm will help create hundreds of thousands of jobs in the US.
“We come here (to the US) and want to create one million jobs, in particular to help accelerate exports outside the US," David Wei, CEO of Alibaba.com.
“Although we may not be as rich as Goldman Sachs, we’ve got one billion dollars on our accounts and will devote every cent of it to small and medium businesses,” Wei says.
Alibaba.com, is a Chinese company listed in the Hong Kong Stock Exchange since 2007, and has more than 45 million registered users. It reaches buyers and sellers in more than 240 countries and territories.
On the current state of small businesses, Wei thinks the buying power of US small businesses has picked up since 6 months ago, and expects a stronger pickup in Q4.
Wei doesn’t believe the economy will recover unless small business recovers because smaller business generates more jobs and more GDP growth than bigger companies. He said he doesn’t think the US government has given enough attention and credit to small businesses at this stage of the economic recovery.