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00:00:01
>> Alibaba has used the World Economic Forum in Davos to announce a big new partnership with the International Olympic Committee. I'm John Foley, from Reuters Breakingviews.>> Our vision and our strategy->> Alibaba, China's biggest e-commerce company by a long way, it's founder Jack Ma has announced in Davos that he's setting up a partnership with the International Olympic Committee.
00:00:21
Which means that Alibaba will be helping the Olympics to get on to the cloud. Alibaba will also be helping to run an e-commerce platform for the Olympics and it's also gonna be the founding partner in a new Olympic TV channel. Now this announcement is really style over substance and in that sense it's pure Davos.
00:00:37
The World Economic Forum is where the world's most important people get together with other people who they consider equally important. And they talk about the world's big issues. It's the perfect place to announce a huge deal with no numbers. Probably no clear financial returns, but a whole other status for Alibaba which becomes a big player in the Olympics.
00:00:55
Which, of course, is gonna be hosted in Beijing in the winter of 2022, so a big status symbol for China. This really shows China muscling it's way onto the world stage. It backs up some of the ambitious statements of China's leaders. Cheering on globalization, cementing their place on the top team of the global elite.