The recently concluded Economic Times' Global Business Summit saw Also read: World Bank is impressed with Aadhaar programme; says beneficial for the world if widely adopted
In an interview to TOI, Xie said India needs to embrace foreign capital to support its economic development.
"India needs capital to build the country and it is all about getting capital, whoever can give it to you, whoever can build for you, be practical. Be colour blind. Nobody is perfect, everybody has problems," Xie said.
Also read: Boosting private sector investment remains a challenge, says government’s chief economic adviser
While advocating foreign capital for India's economic development, he mentioned that because of cheaper funding, new
"Internet at this time is a huge bubble. You look at all the Internet businesses. They don't create anything. They are trying to redistribute existing businesses from their channels. People are pouring money into them like, Amazon is entering every business," said Xie.
Also read: Government to attract $62 billion investment from Indian and foreign companies
He also blasted Facebook, calling it a "distraction rather than disruption."
"Where is Facebook adding value? It is just taking advertising revenues away from established media outlets and it makes money because people are entertaining each other. You get them together, Internet is like hosting a party .Then you stick some commercials in between and you make a lot of money. People who used to provide the real stuff they are unemployed. The society has become a whole lot worse," he added.
On e-commerce, he said that he doesn’t have any faith in the medium. "E-commerce is all about selling fake stuff. Any e-commerce business which is prospering must be selling fake stuff. You look at how they make money. The issue is interest rates have stayed so low for so long," said Xie.
Also read: E-commerce market to touch nearly $55 billion by 2021
(Image source: Financial Times)