Alibaba's Ma says no chance of U.S. trade war with China

China and the United States are not about to be drawn into a trade war, Alibaba Executive Chairman Jack Ma said on Wednesday at the World Economic Forum (WEF) in Davos.

"China and (the) U.S. will never have a trade war. Give Trump some time. He's open minded," Ma told a panel at the meeting of business and political leaders in the Swiss Alps.

Ma met U.S. President-elect Donald Trump last week and laid out the Chinese e-commerce giant's new plan to bring one million small U.S. businesses onto its platform to sell to Chinese consumers over the next five years.