Jack Ma, who co-founded one of the world's largest e-commerce platforms, has unveiled a transition strategy. It paves the way for younger executives to take over. Ma says he will remain the executive chairman while spending more time doing charity and education work. CGTN's Wu Lei has more.

WU LEI HANGZHOU "Welcome to Hangzhou, a city known for some of China's most stunning scenery. It's also a major tech hub for innovation. Hangzhou has been dubbed the smartest city in China and Many say that's because it's home to co-founder Jack Ma's e-commerce giant, Alibaba."

MS. WU HANGZHOU RESIDENT "Jack Ma has had a big impact in Hangzhou and the rest of China. I buy all by daily necessities online now. I don't know what I'd do without e-commerce."

MR. HE HANGZHOU RESIDENT "I run a business store on Alibaba. Because of Jack Ma and his company, I can earn almost 200 thousand yuan a month."

Jack Ma, a former English teacher, established Alibaba with other 17 co-founders in Hangzhou in 1999. Back then, very few people believed in them and the Internet.

JACK MA, CO-FOUNDER ALIBABA GROUP "18 people only got 50 thousand USD, we don't have money, we don't have technology, the only thing we have is the passion for the future, the belief for the future."

19 years later, the company has expanded into a 420 billion dollar giant in online shopping, cashless payments, cloud computing, logistics, health and entertainment. Jack Ma has become one of the richest businessman in Asia.

WU LEI HANGZHOU "Following the success story of Jack Ma, thousands of start ups have been set up here in Hangzhou. And with the growing number of talents and investment, they are working hard to become the next Alibaba."

In 2013, Jack Ma handed over the title of CEO to Daniel Zhang, detaching himself from the company's daily management and dedicating more of his time and wealth to education and philanthropy. In 2015, he donated over 100 million yuan to the university he graduated from: Hangzhou Normal Universtiy. In August this year, Jack Ma launched a 10 million dollar Netpreneur Prize in Africa, supporting young enterpreneurs in the continent.

MS. WU HANGZHOU RESIDENT "When someone has enough money, he can pursue his dream and do what he really likes. I believe he just follows his heart to be a teacher in the future. That is good for him."

JACK MA, CO-FOUNDER ALIBABA GROUP "In the next few years, I will go back to education. I will devote all my time and energy to education, this is most important."

Jack Ma turned 54 on Monday. It's also Chinese Teachers' Day, and he's chosen today to announce his transition plan paving the way for younger executives to take over.

JACK MA, CO-FOUNDER ALIBABA GROUP "we said Jack Ma and his team can be successful, 80% of the young people in the world can be successful."

His legendary story can be an inspiration for youngsters around the world. WL, CGTN, HZ.