3. Let's work together to create a new commercial civilization

There are signs that the global economy is recovering. But while focusing our attention and efforts on economic recovery, we also need to reflect on some fundamental aspects of business. We need to re-establish trust and responsibility. With this in mind, Chinese Internet enterprises have promoted the idea of "a new commercial civilization," and are attempting to realize this ideal in practice.

The economic crisis is an opportunity for global businesses to build a new commercial civilization that calls on them to be more open, to be willing to share, to have a global vision and to undertake their social responsibilities.

The Internet can help to break the old model of chasing excessive profits. E-commerce can give birth to a new form of business, by creating an open, sharing, responsible, transparent and fair commercial environment. Business should return to basic commercial principals: Put clients first, employees second, and shareholders third. Companies that focus all their attention on revenue, profits, share price and price/earnings (P/E) ratio soon go astray.

To return to the purpose of today's gathering. We are extremely optimistic about future cooperation between Chinese and British Internet businesses. Britain has several hundred thousand registered users of Alibaba, and is Alibaba's largest and most important market in Europe. Each week, Alibaba attracts thousands more British SMEs to its global commercial community. When Mr Blair paid a visit to China several years ago, he told us that Alibaba was a well-known brand in Britain, and was helping to change the way the world did business. For our part, we are happy to be able to create value for British SMEs.

The next 10 years will be a crucial period for the development of the Internet industry around the world. We hope to enhance cooperation with our British counterparts. And as a Chinese Internet company we want to carry on creating value for Chinese and British SMEs, entrepreneurs and consumers.

Thank you for your attention!

Speech delivered by Ma Yun, Chairman and CEO of Alibaba Group, at U.K. – China Internet Roundtable on 22 July 2009, Beijing

(China.org.cn July 22, 2009)