Alibaba predicts China will become the consumption driver of the world economy

Alibaba CEO Jack Ma says China is shifting from exporting to importing and China is going to to be the world's largest consumption place and that engine is going to drive the world economy.

Ma said this during Gateway '17, the e-commerce giant's biggest public event in the US, where he addressed 3,000 small business owners and urged them not only to import from China, but also to sell to China.

Back in January, Ma even told President Donald Trump that within five years Alibaba could create 1 million US jobs for small businesses that sell goods to Chinese consumers.

Looking at China's balance of trade there do not seem to be any indications that China is shifting to become a net importer.

China middle class is growing and by 2030-2040 China's middle class should fully materialize.