Jack Ma believes that the biggest mistake in his life was making Alibaba.

That's what China's richest man said during the 20th St. Petersburg International Economic Forum on June 20.

"My biggest mistake was that I made Alibaba," he said. "I never thought this thing would change my life."

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Ma shared that all he did was simply run his small business until it grew bigger and bigger. Alibaba is now China's biggest e-commerce business. The immense success eventually "brought so much trouble," Ma said.

Jack Ma then revealed that if he could have a second chance at life, he would not build another business as big as Alibaba, preferring instead to be his "own self" and enjoy his life.

While in St. Petersburg, Ma also met with a Russian government representative to discuss the possibility of getting Alibaba more business in Russia.

"I think the development of e-commerce will bring more job opportunities there," he explained.

A source revealed that the Russian government is in talks with Alibaba and Tmall to get the companies to set up offices in Russia.

Alibaba is currently eyeing strategic growth in Russia, Europe, and Southeast Asia to achieve its goal of boosting its revenue to the point that it would be as big as the world's fifth largest economy.

Ma sees the opportunity for Alibaba's expansion in those regions, particularly the countries that lay along the "one belt one road" area. These countries have tremendous potential for getting their products to the world but are having a hard time selling them because of poor infrastructure and technology.

TagsJack Ma, Alibaba, 20th st. petersburg international economic forum