Alibaba is looking to transform state-dominated sectors of the Chinese economy, such as financial services and healthcare, a senior executive said yesterday, as Chinese consumers set a new record for online sales on Singles’ Day.
Joe Tsai, executive vice-chairman of Alibaba, told the Financial Times that financial services and healthcare were large but “very antiquated” industries where ecommerce could “roll out to reform the current system”.
Alibaba executives used Singles’ Day, the company’s biggest event since its initial public offering in September, to lay out its next steps. “Aside from ecommerce in goods we’re also looking at ecommerce in services, in entertainment, in different types of content over the internet,” said Mr Tsai.
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