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Warren Buffett Says That The World Depends on US and China For Progress

"The US and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time," Buffett said.

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It is a better idea than spending that money on other companies which have the disadvantage of not being Apple, he added.
Warren Buffett, US billionaire and investor, wikimedia commons
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US billionaire investor Warren Buffett said on Saturday that the world depends on the US and China for progress, dismissing concerns that the two countries’ trade tensions could potentially escalate into a trade war.

Buffett, chairman and CEO of Berkshire Hathaway, made the remarks in response to a Chinese investor’s question about US-China trade relations at the Berkshire Hathaway’s annual shareholders meeting, Xinhua reported.

“The US and China are going to be the two superpowers of the world, economically and in other ways, for a long, long, long time,” Buffett said.

US billionaire investor Warren Buffett said on Saturday that the world depends on the US and China for progress, dismissing concerns that the two countries' trade tensions could potentially escalate into a trade war.
US-China Meeting, wikimedia commons

“We have a lot of common interests, and like any two big economic entities, there are times when there’ll be tensions, but it is a win-win situation when the world trades,” the investor said.

Both Democrats and Republicans in the US believe in the benefits of free trade, he said.

The benefits of free trade are huge, and the world is dependent on it in a major way for its progress, Buffett said.

Also Read: Trump Wants Everything in America as He Promotes ‘America First’

The investor also implied that he is willing to invest more in China this year.

He is turning 88 this August, and eight, he said, is a very lucky number in China. This could be the time to acquire something in China, Buffett said.

Berkshire Hathaway currently has a stake in China’s automobile manufacturer BYD. Buffett said the investment “has being doing so well lately”. (IANS)

 

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To Pursue Philanthropy, Alibaba’s Chief Executive Jack Ma Steps Down

Ma is retiring as at a time when the China is embroiled in an escalating trade war with the US and the Chinese economy is facing slowing growth and increasing debt.

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alibaba
The logo is displayed at the New York Stock Exchange, in New York. VOA

In a surprising move, China’s richest man, Jack Ma, has revealed plans to step down as the Executive Chairman of e-commerce giant Alibaba on Monday to pursue philanthropy in education, paving the way for a change of guard for the $420 billion Internet company that he co-founded.

Ma will turn 54 on Monday, which is also a holiday in China and known as Teacher’s Day.

In an exclusive New York Times interview, the Chinese billionaire said on Friday that his retirement was not the end of an era but “the beginning of an era”.

“I love education,” the Chinese billionaire said, adding that he would be spending more of his time and fortune focused on education.

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A former English teacher, Ma co-founded Alibaba with 17 others out of his apartment in Hangzhou, Zhejiang province, in 1999.

He built it into one of the world’s most consequential e-commerce and digital payments companies, transforming how Chinese people shop and pay for things which fuelled his net worth to more than $40 billion, making him China’s richest man.

Ma is revered by many Chinese, some of whom have put his portrait in their homes to worship in the same way that they worship the God of Wealth.

Ma will remain on Alibaba’s board of directors and continue to mentor the company’s management.

The retirement makes Ma one of the first founders among a generation of prominent Chinese Internet entrepreneurs to step down from their companies.

alibaba
Visitors walk past a giant display at the Alibaba Group headquarters in Hangzhou, in eastern China’s Zhejiang province, May 27, 2016. VOA

Firms including Alibaba, Tencent, Baidu and JD.com have flourished in recent years, growing to nearly rival American Internet behemoths like Amazon and Google in their size, scope and ambition.

Last month, Alibaba reported a 60 per cent increase in quarterly sales, even as profits fell.

The company’s annual revenue totals about 250 billion yuan ($40 billion).

Alibaba has also changed the way people work in China. Millions of people now run their own shops selling goods on its Taobao ecommerce platform or stream their own videos on its entertainment platforms, The Financial Times reported.

Taobao is estimated to have created almost 37m jobs in China, according to a study last year by Renmin University’s School of Labour and Human Resources, the report added.

For Chinese tycoons to step aside in their 50s is rare; they usually remain at the top of their organisations for many years.

Alibaba
Ma is revered by many Chinese, some of whom have put his portrait in their homes to worship in the same way that they worship the God of Wealth. Flickr

In an interview earlier this week, Ma had signaled that he was thinking about focusing more on philanthropy. He cited the Microsoft co-founder and philanthropist Bill Gates as an example.

Also Read: Researchers In China Discover a Potential Antibiotic

Ma is retiring as at a time when the China is embroiled in an escalating trade war with the US and the Chinese economy is facing slowing growth and increasing debt, The New York Times report said. (IANS)