【正文】 PPT, because I do not have stock to sell I think because of the backwardness of China 39。s logistics , credit and banking system , we need to have an entrepreneurial 39。s why we need to create your own I believe this thing is that you do first , and then slowly became China 39。s remember six years ago when I came to America when I say that I believe that five years later, the population of Internet users in China will surpass the ..People say that they will I said, the population was 300 has billion people, is not it ? If so you have 400 million people , there is no population died , people have to keep a child , you need 50 only need five years, so this is just a matter of time , is not it ? We39。ll , the population of Internet users in China than the United why do people say the purchasing power is so low ?We say after five , per capita consumption is only about 200 yuan per years later , these people will be spending 2,000 we are very are still 39。m old , but the average age of our employees was 26 years are young, so let39。s look to the was doing , when we say that this is a silly guarantee to buy something from a John Doe Joe Smith , but Zhang refused to send money to John Doe, John Doe refused the goods to Joe we opened an account with Joe Smith said that the money be remitted to me, if you are satisfied with the goods , then I pay, if you are not satisfied , you return, my money back to John say you how silly this model ah ? But we do not care about this model is not stupid, we are concerned that the customer is not the need for such are not satisfy the customer39。s this thing is silly , then, today there are more than 600 million Chinese a registered user to use this silly silly things, if you do every day to improve it a little , then it will bee very today, Alipay is very good, we are still with Paypal like, but I39。m from the trading volume , we are more than , and most importantly, our Alibaba Cloud Computing , the pany with other panies who talk about the different cloud panies are trying their software and hardware to sell we have nothing to cloud technology to their own data to the SME data from Taobao consumer data, and data from believe in the of the future will be information processing in the well we will share data with will be the core of future pany currently is not very good , but very entire pany is very say that a pany can not begin to , but we are very always ask ourselves the question, “ why do we have to work so hard ? One day , I asked my colleague , he told me ,” Jack, I never knew my life can do so many , I never know what I am doing so meaningful to , I never knew life was so hard.“We worked day and night , and even now but I am being more thin, and looks even more strange , I know life is not easy and we are proud that we change China , rather than you earn a lot of years ago , when I walk down the street , someone ran over to thank me, because Ali Baba to help them get foreign orders , foreign , when I walk down the street , someone came to thank me and said he and his wife opened a Taobao shop, a living and decent , to me , is will be honest bee valuable(your integrity can be turned into money).Many years ago, if you have a good credit history , transaction records, you probably are not , if you are on Taobao have a good credit history , transaction records, you will be very rich, because people are willing to do business with reputable educate consumers to be said to me: Ma , I bought on Taobao is something very, very cheap, you say this is fake it ? Yes, we Taobao fake, fake in real life we spent a lot of effort , a lot of manpower and resources to tackle this problem , in Taobao , 50% of the daily work of staff screening infringement, counterfeit if there is a bottle of red wine, the mall to buy online to 300 dollars, and on Taobao just nine dollars, why is it so ? Because channels , advertising do so many consumers want to pay for other expenses ? We help consumers save , so we told consumers that if you buy on Taobao 15 dollars a Tshirt , and it sold for 150 dollars at the mall , it is not because Taobao sell too cheap, that is because the mall to sell should help consumers bee , and very importantly, we see a lot of factories in China , especially in Guangdong, they are in fact the pany , and not just just do OEM , after these OEM products sold on do not know who their sales channels, do not understand the final purchase their products to foundries , in the face of problems arise when(eg financial crisis), it will immediately fall into we should tell these producers, you have to municate directly with your customers , you should do their own marketing, their own service, this is the real , you39。re just a are changing these factories to reverse this situation, I feel very has nothing to do with wealth , because if you had a million , you39。re a rich man , but if you have ten million , you might have worry about inflation , so you start investing , then you are likely to encounter you have one billion , that this is not your personal wealth , is the wealth of the shareholders , investors, think you should be more effective than the use of government they give you confidence , then how do you make good use of the money, worthy of their trust it ? I think this is the challenge we 39。s products , in fact, not services, is the people, is our average age of our employees is 26 years are facing many challenges , which I was not aware of have been a highlevel government visits to the Company , he said Ma, Taobao if you have 300 million users , it would have been even better than I manage a big said yes , the management very matter what we have to work out a new policy will make us encounter all kinds of , users have plained about the time, it seems to be dissatisfied with the formulation of government policies the average age of 26 employees in the development of Taobao ”game rules“ , we have never had such an we c