Editor’sNote:AsoneoftheChinesecitieswiththemostdynamiceconomicdevelopment,historicHangzhouhasbecomeamajorinnovationhubinrecentyears.Thetraditionalyettrailblazingcityhasfosteredawealthoftalent.Inthisissue,ChinaPictorialtrainsitslensesoneightrepresentativeHangzhouresidents.TheirlivesarecloselytiedtoHangzhou,andtheirstoriesreflecttheancientcity’sfusionoftraditionandmodernityaswellasitsculturalcharm.
ThefirstentrepreneurfromtheChinesemainlandtoappearonthecoverofForbes,JackMahasbeenacutting-edgeentrepreneur.ICHangzhounativeJackMaisundoubtedlyoneofthebiggeststarsandsuccessfulentrepreneursofChina’sinternet.ThefounderandchairmanofAlibabaGroup,52-year-oldMaestablishedthecompanyinHangzhouin1999alongwith17partners.Thecompanyhasbecomethelargestinternetcompanyintheworld,withoperationsine-commerce,financialservices,studioentertainment,andcloudcomputing.Competitioninglobalinternetande-commerceisfierce,andinnovationclearlyplaysamajorrole.
SincethefoundingofAlibaba,Ma’sinnovationinmanyrealmshasbeeneye-catching.Insteadofbigcompanies,Mamadesmallandmedium-sizedbusinesseshistargetfromtheverybeginning.“Ifyoulookatenterprisesasrichversuspoor,theinternetishomeofthepoor,”hesays.“Bigcompanieshavetheirowninformationchannelsandspendhugeonadvertisements,whilesmallenterpriseshavenothing,whichmakesthemmostreliantontheinternet.”
AlibabahassuccessfullyimplementedinnovationnewbusinessmodelsthankstoMa.InJuly2003,Alibabalaunchedtaobao.Earlier,China’sfirstconsumer-to-consumercompany,EachNet,hadalreadybeenaroundformorethanfouryears.EachNetwasacquiredbyAmericane-commercegianteBay,strengtheningitsinfluence.However,thecompanyEachNetgavegreaterprioritytoitsoverseasstrategywhileneglectingtheChinesemarket,resultinginamassivelossofcustomers.Atthesametime,taobaobecamemoreattractivetobuyersandsellersalike,thankstoitsboldinnovationsinmanyaspects,includingeliminatingfeesforopeningshops,facilitatingdirectcommunicationbetweenbuyersandsellers,strengtheningmembershipservices,andlaunchingonlinepaymenttools.Soon,itdwarfedEachNet.
Aftertaobao’sinitialsuccess,Macontinuedinnovatingelsewhere.In1999,hiscompanyenteredintothefinancialsector,providingloansandcreditguaranteestosmallandmicrobusinesses.In2014,AntFinancial,aspin-offofAlibaba’sformerfinancialarm,wasofficiallylaunched.Aimingtocreateanewandopenfinancialecosystem,itprimarilyservessmallandmicro-sizedenterprisesandindividualconsumers.ThemovemarkedAlibaba’sfullimmersionintothefinancialsector.InApril2016,AliHealth,Alibaba’shealthcaresubsidiary,announceditwouldco-establishtheAliHealthInsuranceCompanywithenterprisessuchasChinaTaipingInsuranceGroupandTaipingLifeInsuranceCompany,markingitsreachtothesectorofhealthinsurance.
MabelievesthatinvestorconfidenceinhiscompanyandhisleadershipshouldbeattributedtolargeparttooptimismforChina’sfuturehigh-speedeconomicgrowth.AlibabaiscloselyboundtoChina’srealeconomy.ForChina,amidstforeigntradestructuraltransformationandretailindustryrevolution,everyinnovationcouldbeagrowthpoint.
August3,2016:JackMawithruralteachersandheadmastersatXiaohewanPrimarySchool,XiayunTownship,AnshunCity.Inrecentyears,Maplacedgreaterfocusonotherrealms.CFP