Final answer:
Alibaba was founded in 1999 by Jack Ma and capitalized on China's open economic policies and its large consumer and manufacturing base to connect Chinese manufacturers with overseas buyers. Its strategic emphasis on ecommerce and subsequent diversification into technology sectors have made it a multinational giant. Alibaba's success is intertwined with the rapid growth of China's economy, poised to become the world's largest by 2030.
Step-by-step explanation:
Alibaba, founded by Jack Ma in 1999, utilized strategic moves that propelled it to become one of the largest multinationals in the world and a symbol of modern China's economic ascension. Initially, the market-based growth strategy fostered in the 1970s under Deng Xiaoping's reforms laid the groundwork for the entrepreneurial environment in which Alibaba was launched. Celebrated as part of the "Opening of China," this period set the stage for a massive shift in China's global economic position.
Alibaba's initial strategy focused on connecting Chinese manufacturers with overseas buyers, leveraging the vast population of consumers and workers and the manufacturing capacity built up to serve multinational companies (MNCs). As China entered the WTO in 2001 and its economy ballooned to become the world's second-largest by 2010, Alibaba capitalized on the growth in ecommerce and China's burgeoning internet infrastructure by providing a platform for businesses and consumers alike. This strategic emphasis on ecommerce blossomed in China's export and domestic markets, fed by its vast supply chain capabilities.
The company's aggressive expansion and innovation in online payments, cloud computing, and artificial intelligence have continuously fueled its growth. Alibaba's ecommerce platform served as a cornerstone, but its diversification into various subsidiaries has made the entity a behemoth in the tech industry, sustaining its upward trajectory towards becoming one of the world's most sizable economies predicted for 2030.