Photo Credit: The Limited Times

China Today | Jack Ma Retires, Hong Kong Tourism Falls, China’s Pork Prices Shoots Up

Alibaba Founder Jack Ma Retires At 55

Chinese billionaire, Jack Ma, who founded the 460 USD worth e-commerce giant Alibaba, have stepped down as its executive chairman at 55. A proponent of market driven economy, Jack Ma started his career by creating a website about China after he was rejected from all the jobs he had applied. Credited to bringing in e-commerce to China, Jack Ma is China’s richest man with net worth at 36 billion USD. A former English teacher, Jack Ma will reportedly concentrate on philanthropic work such as education and women empowerment through his Jack Ma Foundation. He is said to be inspired by Bill and Melinda Gates Foundation for his philanthropic endeavour.

Hong Kong Tourism Falls 40 Percent

Tourism is worst hit in the Hong Kong protest that witnessed Hong Kongers coming out in the streets to protest against the extradition bill that would have enabled fugitives from China to be taken back to mainland for trial. With restaurants and hotels seeing two/third seats empty, it is estimated that tourism have fallen by 40 percent. An upmarket hotel room which would have, otherwise, charged 1000 HK$ have been reduced to 550 HK$ and also it is reported that Hong Kong’s Ocean Park and Disneyland wore a deserted look.

China’s Pork Prices Up By 46.7 Percent

The African Swine flu epidemic that have affected the pig stock in China since August have now witnessed increase in the pork prices. Latest report have indicated that China’s pork price swung up by 46.7 percent. The main reason in the inflation of prices is because of the reduction of healthy pork production. A total of 20,000 pigs is said to have been culled to avoid the spread of African swine flu in China. Asia have been reeling under the African swine flu epidemic and China is said to be home to half of the world’s pigs at nearly 500 million.