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Alibaba is based in Hangzhou, China; its founder, Jack Ma, will make an immense fortune from the online retailer’s float, the world’s largest ever. He symbolises a monumental change: the days when the West focused on high-value-added services and tech, while the emerging markets concentrated on low-cost manufacturing–the norm since the 1980s–is gone forever. Alibaba is an astonishingly advanced company; its technology is far more advanced than that of most Western firms. At The Telegraph