Okay, English, right. Just be fair, English. First, VIE is a great innovation.
好吧,英语,对吧。公平点,说英语。首先,可变利益实体是一个伟大的创新。
And I believe it’s a great innovation. 10 years ago, I’ve seen the model. It’s great.
我相信这是一个伟大的创新。10年前,我看到了这种模式。它太棒了。
It helped China grow, on the internet, and all the other high tech industries.
它帮助中国在互联网和其他高科技产业上实现了增长。
Which we, Alibaba also benefit a lot. And I don’t see the government is going to take that thing down.
阿里巴巴也从中受益很多。我不认为政府会取消它。
I never feel that and I don’t know why people worry so much about that.
我从来没有这种感觉,我不知道为什么人们会那么担心。
But some sensitive areas, some industry, some sectors, like finance, like, I don’t know, what else.
但是一些敏感的领域,一些行业,一些部门,比如金融,我不知道,还有其他什么。
These things the government have concerns about a VIE structure which I understand that we should support.
政府对可变利益实体结构有一些担忧,我理解我们应该支持这种结构。
For example, if anybody want to get a bank, banking license in China like 20%, 25% foreign capital owned.
举个例子,如果有人想要在中国办银行,比如20%或25%的外资。
If you run across that any nation, we’re against it.
如果你遇到这样的国家,我们是反对的。
So VIE structure, I did not see any government say well I’m going to shut that thing down.
所以可变利益实体结构,我没有看到任何政府说我要取消它。
What worry about? We should put this thing on the — few days ago
担心什么?我们应该把它放到...几天前,
I read an article about a show (Chinese language). We got to make this VIE really legal, transparent.
我读了一篇关于节目的文章。我们要让这个可变利益实体变得合法、透明。
This is the power of internet. Making sure, if it is good after ten years testing, it is good.
这就是互联网的力量。如果经过十年的测试,它是好的,那么它就是好的。
Why not open? If any tiny sensitive area, that if you’re not comfortable, join us, discuss about that.
为什么不打开?如果有任何敏感的地方,如果你觉得不舒服,加入我们,讨论一下。
So I don’t know, people say, well something wrong with the Alipay.
所以我不知道,人们会说,支付宝有问题。
Oh, I’m honored. Right because of that we open VIE.
哦,我很荣幸。对,因为我们采取了可变利益实体结构。
Because tell the truth, when government, the PBOC – do you – Alipay has foreign capital? I have to tell the truth guys.
因为说实话,当政府,中国人民银行,支付宝有外资的时候?我得实话实说,伙计们。
Do you agree? If the government say do you have foreign capital? I say, no, but I have.
你同意吗?如果政府说,你有外资吗?我说,没有,但我有。
This, this won’t work, because we are getting bigger, right?
这个,这个行不通,因为我们变大了,对吧?
Just like today if I come to say I want to buy the PayPal, do you think the US does not have any proof?
就像今天,如果我说我想收购贝宝,你认为美国没有任何证据吗?
No, they won’t, even with Yahoo! right? So we have to be fair, it’s not that a big issue.
不,他们不会的,即使是雅虎!对吧?所以我们必须公平,这不是什么大问题。
It’s gesture, it’s gesture. Let’s face it, open it, discuss it, and I don’t see the government is going to shut that down.
这是一种姿态。让我们面对它,打开它,讨论它,我不认为政府会关闭它。
All right? I hope I answered your question. Female Audience: Hi Jack.
好吧?我希望我已经回答了你的问题。你好,杰克。
I think we haven’t been, seen each other for more than ten years.
我想我们已经十多年没有见面了。
Oh yeah? And you look terrific today. So I’m very happy. Jack Ma: Thank you.
哦,是吗?你今天看起来棒极了。所以我很高兴。谢谢。

I believe you went through a lot of difficult things in past ten years.
我相信你在过去的十年里经历了很多困难。
So, you also mentioned that one day you will write a book.
你还提到有一天你会写一本书。
So my question is would you like to share just one thing with us first?
我的问题是,你能不能先跟我们分享一件事?
And you would do differently for something, one thing.
你会为某件事做不同的事,一件事。
Okay. All right, thank you Michelle, right? Michelle Tan. Thank you.
好吧。好的,谢谢你,米歇尔,米歇尔·谭。谢谢你!
We know — not see for ten years. Yeah, we’ve gone through a lot of tough days.
我们知道,10年都没见面了。是的,我们经历了很多艰难的日子。
If today, when something’s smooth, I just feel uncomfortable.
如果今天,事情顺利的时候,我会觉得不舒服。
That’s true. In the US they call it very paranoid. I am, yeah.
这是真的。在美国,人们称之为“多疑症”。我就是,是的。
But, the mistake we made a lot for Yahoo China, I think, when we acquired Yahoo China,
但是,当我们收购雅虎中国时,我们在雅虎中国上犯了很多错误,
if people ask me whether we would do it again, yes I will. But, whether we would do it in this way, no I won’t.
如果人们问我是否还会再做一次,我会的。但是,我们是否会这样做,不,我不会。
We would do a much better smart way because we had no any experience of acquisition.
我们会做得更好因为我们没有任何收购经验。
Especially acquire an internet company. And we’ve made a lot of mistakes there, and that helped us today.
特别是收购一家互联网公司。我们在这方面犯了很多错误,这对我们今天很有帮助。
So, when you ask me about whether I’m interested in Yahoo! yes of course.
所以,当你问我是否对雅虎感兴趣的时候!当然感兴趣。
I think we are probably one of the very few companies really understand Yahoo USA very well, because of that.
我想我们可能是极少数真正了解美国雅虎的公司之一,正因为如此,
And people say, whoa Yahoo China is terrible, how could you still talk about that? I mean, terrible running.
人们会说,哇,雅虎中国太糟糕了,你怎么还在说这个?我是说,糟糕的运营。
No it’s not terrible running. We solved problems four years ago, so we cut Yahoo China.
不,运营并不糟糕。四年前我们解决了问题,所以我们放弃了雅虎中国。
If we did not we would have died today. So, we would share these mistakes.
如果我们不这样做,我们今天就会死去。所以,我们会分享这些错误。
How we acquired, how we treat the culture things, how we fire people.
我们如何并购,如何对待文化,如何解雇员工。
We should fire some people earlier, we should keep some people. You know, these are a lot of detailed things.
我们应该早点解雇一些人,保留一些人。你知道,这是很多细节的事情。