Chinese billionaire Jack Ma, the CEO and founder of ecommerce giant Alibaba Holdings (BABA), spoke at the World Economic Forum in Davos, Switzerland, on the U.S. economy in relation to China.

Last week, Ma met with President-elect Donald Trump in New York to discuss Alibaba’s commitment to help American small businesses by bringing more U.S. companies onto its sites. As one of the world’s most powerful businessmen, the Alibaba CEO expressed his belief in the importance of empowering small businesses to drive global economic prosperity. (See also: Alibaba’s Jack Ma Meeting Donald Trump Serves Both Parties.)

Throughout the campaign, Trump repeatedly badmouthed China, criticizing U.S. firms for “sending jobs abroad,” and assuring his constituents that they will see a lot more “Made in America” tags. More recently, Trump’s jargon has circled around various threats including a new tariff on Chinese imports.

Ma’s Diagnosis

When asked by CNBCs’s Andrew Sorkin about Trump’s proposed policies that would negatively impact China, Ma said the U.S. is misunderstanding the cause of its job problem. He suggests lower wages and disappearing jobs are not because other countries steal jobs from the U.S. but rather because of the distorted distribution of money, in which the government allocated $14 trillion to war over the past three decades. Ma indicates the funds could have been used to fix America’s failing infrastructure.

The Alibaba CEO instead deemed outsourcing as a byproduct of globalization a “wonderful” strategy. "The American multinational companies made millions and millions of dollars from globalization," Ma said. "The past 30 years, IBM, Cisco, Microsoft, they've made tens of millions—the profits they've made are much more than the four Chinese banks put together ... But where did the money go?"

Corporate Hoarders

Ma is speaking to the billions of dollars in corporate cash that U.S. multinational companies, primarily big tech companies, are hoarding overseas. Ma uses U.S. corporate cash piles abroad as an example of how globalization, which he sees as fundamentally beneficial, is disproportionately servicing the wealthy few. (See also: Big Tech Is Sitting on $1.77 Trillion.)

While Trump’s proposed policy includes a huge one-time corporate tax cut on repatriated cash, many disagree on whether the proper incentives and regulations are in place to make sure the profits get distributed more broadly.