Why is Jack Ma worried about the survival of small and medium-sized enterprises?

Alibaba Chairman Jack Ma recently released an internal email titled "The Mission of Winter". He expressed that the development of SMEs in Zhejiang and Jiangsu, which are the client base of Alibaba, might face difficulties. He hoped that Alibaba employees would get prepared to "spend the winter". The main purpose of Ma's letter was to eliminate the employees' layoff expectations and encourage their morale, rather than express opinions about the macro-economy. The difficulties currently faced by eastern SMEs are a kind of lagging manifestation of the US subprime crisis. Investors need to pay attention to the risk of the decline in the SME board.