Tianjin Municipality, north China - Sept 20, 2018 (CCTV - No access Chinese mainland)
1. Alibaba chairman Jack Ma speaking at Summer Davos Forum
2. Attendees
3. SOUNDBITE (Chinese) Jack Ma Yun, Executive Chairman, Alibaba Group:
"Economic situation has always been difficult for enterprises. In the past 20 years, the expression of 'complicated economic situation' was unavoidable in all economic working conferences of the Chinese government. All enterprises understand this."
4. Attendees
5. SOUNDBITE (Chinese) Jack Ma Yun, Executive Chairman, Alibaba Group:
"We should always be prepared that the bad situation may last longer and get worse. Only by doing this, can we build up our confidence. Confidence does not come from the optimistic forecast about future, but from the determination to live through a bad situation in the future."
6. Attendees
7. SOUNDBITE (Chinese) Jack Ma Yun, Executive Chairman, Alibaba Group (starting with shot 6):
"Being dedicated to your own businesses, since you cannot change the economic situation. Everyone should think over about themselves and stop from being fickle. If you have difficulties, your opponents may have more difficulties. You will calm down after careful thinking about this. You may have financial difficulties, but other companies may have the same problem. So my suggestion to you is to do less but better things. If you do the right thing, you will have more opportunities."
8. Ma speaking

Jack Ma Yun, executive chairman of the Alibaba Group, suggested entrepreneurs to be prepared for the unexpected and to do less but better things at the World Economic Forum, also known as Davos Forum on Thursday.

"The economic situation has always been difficult for companies. In the past 20 years, the topic of complicated economic situation was unavoidable in all the economic working conferences of Chinese government. All the companies understand this," said Ma.

Ma held that tough economic situation may make business difficult but also the good chance for good companies to outshine others. So he suggested companies to be prepared for the bad situation, so as to stand the tests of market.

"We should always be prepared that the bad situation may last longer and get worse. Only by doing this, can we build up our confidence. Confidence does not come from the optimistic forecast about future, but from the determination to live through a bad situation in the future," said Ma.

Ma thinks the most urgent thing for companies under the current situation is doing well their own businesses.

"Being dedicated to your own businesses, since you cannot change the economic situation. Everyone should think over about themselves and stop from being fickle. You have difficulties, your opponents also have difficulties. You will calm down after careful thinking about this. You may have financial difficulties, but other companies also have the same problem. So my suggest to you is to do less but better things. If you do the right thing, you will have more opportunities," said Ma.

The forum was held in the coastal Tianjin Municipality in north China from Sept. 18 to 20.