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BUENOS AIRES — Founder and CEO of Chinese e-commerce giant Alibaba, Jack Ma on Wednesday urged entrepreneurs and owners of small and medium businesses (SMBs) to take advantage of globalization's benefits.

Bad weather last autumn and winter affected the planting of wheat in some areas, and more growers chose to grow cotton over wheat due to favorable cotton price policies, according to Huang.

Baowu Steel said the deal would help in its goal of producing 100 million metric tons of steel every year. The company said it has reached an agreement with Shanxi State-owned Capital Operation Co Ltd, under which the latter will transfer a 51 percent stake in Tisco, pending approval from the country's top State-asset regulator. Baowu Steel said it will not incur any monetary costs on the deal as the stake transfer is a State-backed restructuring move, it said in a regulatory filing.

Bao Weiwei, co-founder and CEO of Coconut Island, the firm that developed and published the game, said a large number of the business simulation games developed by overseas studios set their stories in small towns that have a background more familiar to the Western players. But there are few simulation games based on Chinese small towns.

Bao said the firm currently boosts its project sales by partnering up with major real estate developers in major cities across China. It will also seek more opportunities to diversify its retail channels, including opening new spaces throughout the nation.