Ma also outlined his plans for Africa, where he plans to work to empower the young entrepreneurs there and help "discover" more Jack Mas, Bill Gates, Warren Buffetts and Steve Jobs, which can go a long way in uplifting Africa. Recalling how he first visited Africa four years ago, he said he was impressed by how smart the young entrepreneurs were and their mobile-first culture.

Unlike most entrepreneurs in other countries who just aim for IPO (initial public offering), the entrepreneurs in Africa are "different" because they have a vision "to change Africa" and their lives, he said.

The goal is to make these African entrepreneurs the "heroes," because entrepreneurs are the "most important element to develop a society," said Ma, adding that more can be done to support female African entrepreneurs as well.

"In Africa, we need three Es: e-government, to make the government transparent; entrepreneurs, make them heroes; and education, make the people know what they want and what they don't want," he said.

"That's why it's my great honour to go there and do something ... It may not be successful, but at least we tried. So that's where I want to go," said Ma.

As the world enters a new era of change, Ma said that the important thing is to work with young people, as they represent the future. "When you work with most of the successful people, they only talk about yesterday," he said.

While other countries has had a long history of building their philanthropic scene and foundations, China is just beginning to do so, said Ma, who vowed to be among the first to pave the way of creating such an infrastructure or system in China.

"I believe that China, one day, hundreds of thousands of business people will build up their own charity or foundation ... We need a way, so I will be the guy who is testing that and I will share the (mistakes I make)," he said.

On the legacy and vision he left at Alibaba, Ma said it is the spirit of entrepreneurship and creating and the belief that technology will give people a better future.

"We always think about what we can do to solve the social problems, instead of complaining. That's the journey. And I'm having great fun, when you see millions of people's lives changed."

Themed "Transcending the Turbulence," the prestigious conference is an annual gathering for some 400 global CEOs, tycoons, entrepreneurs, investors and thought leaders to discuss key issues of global concern and build new partnerships. At the event, Ma was presented with the Malcolm S. Forbes Lifetime Achievement Award.