The Alibaba Group signaled on Thursday that for all the global worries about China’s rising debt and bloated state industries, its economy still enjoys a strong pillar of support: online shoppers.
Alibaba, the Chinese e-commerce giant, said Thursday during an investor conference that it expected revenue for its current fiscal year to grow at a much higher rate than analysts had forecast. It cited expectations for growing sales volumes on its online marketplaces and, even more strongly, surging demand by merchants for its digital ad space.
