Jack Ma (52), Chairman of Alibaba Group, warned that the world would be in pain because of the Internet.
At a conference in Zhengzhou in China, Ma said that the Internet is overturning the old economy. “Social conflicts over the next 30 years will affect all kinds of industries and jobs,” he said according to Bloomberg.
He asserted that in the next 30 years the world will experience greater pain than pleasure.
Alibaba critics have ignored the fact that Taobao, an online shopping mall in Alibaba, has created millions of jobs, saying that the existing industry should stop complaining about the economic power of the Internet.
He made an alerting voice for artificial intelligence (AI) and automation by robots.
Ma said that as human life span lengthens and AI develops, it will lead to a shortage of jobs. “Machines must do only things that humans cannot do, and through this method, machines can become partners instead of replacing human labor,” he said.
He also explained that by changing education systems, automation and the impact of the Internet economy should be mitigated.
In addition, he emphasized that the traditional banking industry should be punished and more people should be able to use the loan service.
In recent years, it has invested in a variety of new businesses ranging from film production and video streaming to cloud computing.