This is not difficult to understand, it is not hard to stimulate consumption, consumption can be consumed, consumables, high-quality consumables is 1 billion 300 million China huge opportunity to waste, what is called waste? We thought that the car and the house is the two domestic car, the house for a year, a lifetime will buy one two, cars and houses that every day can be consumed, hanging on the wall a picture of Picasso was a waste, but these things up China consumption economy is up, so stimulating innovation is to make innovation, engage in market behavior. Very much China can do, our business is only a problem in the blind process, your imagination is not enough.

To imagine, the United States in 20 years ago, is how to get myself to infrastructure investment, but also exported to the market quickly launched a consumer market, they made a very important lesson, why the United States, more than 200 million of the population, the middle class is spending tens of millions, wuliuqianwan people, but he in this demand, boosting the world economy, people China middle class today, there are 300 million middle-income people, our income is medium income, but our consumption ability or level of farmers. We do not encourage people to spend, we do not encourage young people to spend money, that is we no confidence for the future. In fact, confidence in the future is not the establishment of a complete set of health care, this is also true of the scholar thought, we have confidence in the future is to have confidence in young people, we have confidence in the future is to look at the young man, so today is China saw a large number of young people to join the high-tech industry, joined the consumer joined the industry, service industry, so this is a great opportunity for us.

I Chinese of long-term economic have been full of confidence, the short term is a problem, if it is to forget about the short term, next year you do business, for the next quarter, you're just an occupation managers, occupation managers consider the next quarter, as the enterprise to consider is five years, ten years, twenty years, if twenty years from the point of view, there are several economic cycles, as long as the reincarnation of the experienced several good business, which is a large company has not experienced the unfortunate period, has not experienced the unfortunate period of enterprise cannot become an enterprise. No hurt woman is woman, never hurt the man called the man, it is a boy, the girl, as well as enterprise. So everybody here to think of the future China also only in this way, infrastructure investment and exports, if we will continue to adhere to today is certainly not, so to stimulate consumption is to create creative pull, pull, pull innovation, encourage creativity, innovation, encourage to market economy, this is our great the opportunity. It is a brave man, a wise man can win a victory.

So I see this as an opportunity, we do not know how to look, I was full of confidence for the future, but I of today, tomorrow, a very careful cautious. But in a word, before this, today still insist on this, today is very cruel, more brutal tomorrow, the day after tomorrow is very beautiful, but most people died in tomorrow night, is not to see the sun the day after tomorrow, I believe that you will go out this.

Ma Yuntong is the host and the guest Q & record:

Associate professor of Fudan University, Jiang Changjian Moderator: next, because he just said a lot, as long as a young man will have in the future. So the next question with young people about fashion, I test you two young people are talking about, what is called the two dimension?

Ma Yun: I don't know.

Jiang Changjian: you don't know what to blame, because Alibaba cast a lot of entertainment, I'll ask you young people love to have a drama, a lot of people are not willing to see, but in the online broadcast rate has exceeded about 3000000000, it is a story of the two dimension, you know what is the name of this drama?

Ma Yun: I don't know. Don't know no shame, don't know what to say I know very ashamed. We understand the young people, the most important is to respect the young people make their own decisions, but does not mean that I must know what young people know, because I have my trouble, they have trouble, I think they are healthy and happy as long as you do, we all know the things themselves let others do, may not be good. They feel very happy, I see the film more, watching TV more, but also look to see how but young people, so we must understand that he is not as good as what they, they tell me, what is the two dimension, how many people know about the two dimension.

Jiang Changjian: yesterday, today a lot of people are talking about reform to the supply side, from the government's point of view is his understanding, I was more concerned as an entrepreneur's perspective, you on the supply side reform that is what kind of?

Ma Yun: in fact, the core idea of supply side reforms, is to take the customer as the center, take the market as the center, change yourself to others. In fact, the supply side changes, not only to the enterprise, or the government, if the government changes its own procedures, change their work to really adapt to the development of society, the enterprise must also. Our original model today is B2C, the enterprise's own imagination, I think what customers need, I imagine what the market to produce things go to the market, but the future change is what consumer needs, on-demand, but the size of flexible customization, we must reform themselves to adapt to the future, and not change others to himself in fact, is thinking of the problem.

My personal understanding about a lot of Alibaba, in twentieth Century, the entire manufacturing production mode is only B2C, and in twenty-first Century the biggest change is the C2B, all on-demand, this is how to change the supply side on the supply side, how to change their processes, change their culture, change their organization, and even change their personnel structure to adapt to the needs of the outside.

Jiang Changjian: but if combined with a business tycoon yesterday, for example we have a lot of enterprises, we must adapt to the needs of customers, the customer is not willing to go to the window to buy my stuff, customers do not want to go to the traditional shop inside accept my product, I build a business platform, which is C2B to my request, but yesterday a point of view, these parts are cut off, which can not bring great benefits, so C2B have various requirements on the one hand, on the other hand I meet this requirement brought the expected benefits largely and can give me the enterprise, so how to do?

Ma Yun: what is more easily than the cutting department, if entrepreneurs, doing business is always pick the most easy thing, the enterprise how to do good. Today, customers are not willing to go to the supermarket, do not want to go to the department stores and supermarkets, is not the customer experience to achieve the most incisive. Chinese e-commerce development is not good because Chinese e-commerce enterprises do, but the original commercial infrastructure is poor, the department store industry not to think, because that time is purely extensive development, demand, so it is easy to be three, four Li can do, as long as a little clever at all you can do. But today, in consideration of the customer experience will be a problem when I feel, think so, remember all of today's business electricity supplier is not a retail channel, not a sales approach, is a progress in ideas, like electric invention, of course you were with a match to burn, you are the burning of coal, electricity suddenly when you put the original supply of matches, supply of coal suppliers to get rid of the internal personnel to get rid of is very complex, but would you like to stick to the original coal burning or they might use electricity, you are willing to use electricity, the beginning of the cost is a little higher, you to have such equipment, but the control is that you are not believe that this is the future. If you believe that this is the future, it must change. So I feel, not to turn off the electricity supplier sector, instead of thinking about how to put the electricity supplier sector made more powerful, the real customer needs is the main direction.

We know that the enterprise, a lot of people are considering outsourcing, there are several departments in my company is never outsourcing, service outsourcing, sales outsourcing, outsourcing can not complain. Because if you don't know what you love what customer complaints, is a person wearing ten clothes you do not know the summer or winter, now look carefully in the service outsourcing company has several live well, because they are far from the customer's cry, away from what customers love. Hate what. Second sales can't be outsourced, sales is the first customer contact with, know what customers need, need what market competition, if the two things you do what the outsourcing enterprises, this world is extensive to engage in a little sit in the room to design their own products, then if the supply side reforms, after the C2B is not the needs of consumers, consumers no pain, no tears and joy you consumers how to reform themselves, what to reform their own preferences, or for the cost of the boss. So I feel to want to understand, what is necessary, what is not.

Jiang Changjian: a little refinement.

Ma Yun: sales for all of us, is the real sales service, because the sales department is directly facing customers, sales are not going to sell a machine, sale is to sell the company's philosophy and value system that sell your company, sell your company's mission. In this process, the most important is not money back, but the customer experience, customer demand, customer market is changing, the largest sales income. Alibaba so we all know, we have a China called iron supplier, all of us are not Chinese transfer products supplier, delivery is our understanding of the Internet, our Internet mission value system, we collected the income not every 30 thousand products, but every product out. What does the customer see our products, our services, these are the biggest income. Alibaba three years before there is no income, because we have no profit, no income, three years before our biggest income is what? Is the tens of thousands of letters of thanks and complaint, because the letter of thanks and a letter of complaint is really the biggest income profits, with these can improve their services. So why give customers free free? It is because when we have no confidence in their own products, we can only free, we let customers participate in free, when you use this product to customers, he has to take the risk, we risk and create the future together.

So I think everyone to think from the ideas, the sales department and service department, customer service department, as far as possible outsourcing technology, can even outsourcing outsourcing brands, a lot of things, but these two things are not because of outsourcing, outsourcing is equal to its core customers to others.

Jiang Changjian: then we leave here to interact.

Club Med Global CEO Henry Kiska Estaing: the Internet may not satisfy some requirements, finally can make a lot of people back to traditional industries. Customer needs with the needs of shareholders is inconsistent with each other, for example, everybody wants me to use a very cheap price to buy a bottle of water within one hour to my home, that the customer is satisfied, from the perspective of the company is not worth the cost. The other one is the tax issue, on the Internet BAT do not pay taxes, so if the two factors, the real cost, the tax issues are taken into account, in the Internet to provide commodity prices will be relatively cheap. This time will let some customers return to the store, or the customer on the Internet because they are so dependent on their willingness to use this price in the operation of internet.

Ma: on the customer's interests and the interests of shareholders first problem. From the first day of the establishment of Alibaba listed until today, 16 years adhere to the "customer first, employees second, third shareholders. Only to meet the needs of customers, employees can be happy, only innovation, customer satisfaction, employee satisfaction, shareholders will be satisfied. Don't believe that shareholders to tell you, I see the long-term benefits, because he can sell you buy a new one today, this is your son you can accompany it to the old, so first of all I want to tell you that the Alibaba is adamant that customers pay us money, only good customer service, I have only God, the staff is to create value, only employees can be happy happy shareholders, so this is one of our definition, the first shareholders believe Wall Street. The first problem is big shareholders, today to this, tomorrow to this, so basically finished. Because most of the shareholders do not understand your strategy, most of the shareholders do not understand your pain, most of the shareholders only from the data analysis of you, and you are the most aware of their. So I want to tell you, don't think that shareholders are always right, but respect and listen to them, finally decided to do.

Eight or nine years ago, Beijing has done an experiment with a company to do business, he said he can send anything to the city of Beijing in an hour, they said I would buy a bottle of coke, the company went bankrupt soon, because he has done a right thing in a wrong time. But today you may in all water, online sales like lobster, last year we had a skylight to help sell sell 98000 Canadian lobster lobster, sell a lobster is certainly good, but the Internet is not the tax problem, it is purely a misunderstanding, we know how many Alibaba in 2015 to pay taxes we pay 17 billion 800 million a year in Zhejiang, our company does not include our investment holdings a year, light our company every day to pay 80 million tax. We are all China today, you go and check in various counties in each province, big profit before 20 there are many Taobao Tmall stores, Chinese is the birth of a new entity, so people talk of the virtual economy, the real economy is in opposition, not imaginary or real will win, will win. But virtual and real together will win. Some people say that the retail industry is the Internet out, but you were washed out the internet. WAL-MART first half closed 250 stores, all closed shop owner are concerned about a problem, why am I a few years ago did not focus on the Internet, the Internet is ruining my. People say I did not seize this opportunity, so finally I can boldly say, the next 10 years, the tax Chinese largest enterprises is good use of the Internet today, the use of big data technology, fully tap the consumption and real service industry of these enterprises.

Ali, who would have thought, we can pay more than 178 billion in 2015, but this is done, we need to do next year, we received only two percent points a few enterprises, and more than 90% of the companies we do not charge, is on the scale, is really rely on small, rely on technology, relying on the product to improve. Rather than rely on people. So whether it is not the value added tax VAT tax, must be done, but there is one point to remember, what is today the main force of economic Chinese? Do the economy is to force, before driving China economy is driven by government, in fact the three main driving force is the first private enterprises, state-owned enterprises, foreign enterprises second, third. The reform and opening up 10 years ago, in the development of private enterprises, after 10 years of foreign enterprises in the previous 10 years, and is the state-owned enterprises, now look at these three armies were all destroyed, now is based on consumption, services, technology to support the future of young people, double 11 sold about 90000000000, sixty or seventy percent of sales from those enterprises, these enterprises have never heard the name, 5 years ago did not exist in these companies.

So this is the hope of the future of our country and this era, which help 80, created 70 enterprises, they use high-tech means to create innovative demand, clearly this. So why in today's retail stores in the pain, hawkers all defeated, they found that demand, create demand, and they remain today in the real estate Internet Co, today is that demand creates demand, lead the demand, this is the progress of the times.

Hong Kong Exchanges and Clearing Ltd chief executive Li Xiaojia: you just said to the customer first, employees second, third shareholders, do you think this is a universal use value, or just like the Alibaba, the Tencent the company can apply, because your company has become so big, from the market sales, in fact not spend too much capital no, too much money financing from the capital market or to other shareholders, for a traditional enterprise, relatively capital intensive enterprises, need capital, so the capital market directly determines the price is not able to achieve further development in the capital, they also said if the interests of shareholders is third words how should, should adapt to the truth?

Ma Yun: I think the customer first, employees second, third shareholders of enterprises in twenty-first Century universal value, not me, if you want to consider creativity, innovation and creation, is human centered. The last century is the means of production by machine, energy as the center, so there is no doubt that money can buy the machine to buy to buy energy resources, as long as the production line. This century to go is the human factor, innovation, creativity, creative, I want to tell you a little time to IT based on a century is what concept? Is the person when machine, this time centered century with the machine as a people, this is a huge change difference. So the elements will become the core elements of twenty-first Century, if you put the elements as the first element, you want to create innovative, creative, as the first element, the people as the first element if the people as the first element is the customer first, employees second, third shareholders, I will not invest in a company only some capital to buy some machines, buy some raw materials, buy some energy can be produced, people always have more money than you, production machines faster, so this is what I do. Indeed from the real estate industry in twentieth Century, is the first shareholder, but in twenty-first Century was transferred to the people to innovation, must certainly to the customer first, employees second, third shareholders, regardless of whether they are willing to, anyway so I insist

Saif Fund chief partner Yan Yan: in the past in the case of the "double" environment, we find that in the Internet field whole, forming the BAT basically, all three monopoly, many young people also said that if in the business environment of these young people have no chance, in the long term for the innovation of the Internet will not to kill?

Ma: first, I want to tell you BAT is not a monopoly, is currently leading. In the end BAT three which will go down, then what you hear today, I met 20 years ago, 20 years ago I heard Bill Gates rub fire, estimated no one in the world had turned him, heard Bill Gates heard IBM will rub rub fire, fire, and it was in my mind, I always want to be Bill Gates, always hope that we can also become IBM, finally I found the next Pharaoh better than me. Discover the world changes, as long as the opportunity, as long as we insist, as long as the learning still have a chance. Another point of today's young people hit not want to become the next BAT history, we seize the opportunity, there are a number of very good, very good, and very good employees adhere to the mission to go to today, but I would like to ask a few Internet Co to adhere to the 5 years or 10 who can't endure, then the future of monopoly. So another point, so there are three monopoly, there is not the village landlord landlord out you can get rich.

Nakazawa Kamei, chairman of the investment fund Wu Ying: back to the customer first topic, Internet Co now these three people or five or all good, but everybody also encountered a bottleneck for the further development, the first problem do you think there is no necessary three Internet Co to each other, because it is still relatively jump, like e-commerce, Taobao can do again to search or to get into the WeChat. Between you have more convenient service to customer demand, production chain market is so big, if you think it is necessary, your own personal willing to do such a thing, from Ali's point of view are willing to put all tied together, the market to do so much better. Service in the market?

Ma Yun: if three really do something together really become a monopoly, we must three competition, the purpose of the competition is to make the market more healthy, make themselves more healthy, more fair to users. Second, we must do this thing together together, to improve this service, I totally agree, and in fact I believe that Ali is concerned, each company's efforts in doing so, so I told Ma Huateng from the public on to do, step by step to reach a consensus. But if you want to know one thing we can't naive, three don't look so big, Tyson Tyson's pain, when the above fact is more difficult, everyone is very careful, don't look at his cash income is very good, don't look at the profit is very good, the Microsoft is how strong the motorcycle Mora powerful almost prohibitive situation? How fast changes in the past ten years, so three people ten years later is still BAT, the Alibaba can not still exist, can not lead the future, create the future, these problems I think we should go on.