BEIJING (Reuters) - Alibaba Group Holding Ltd’s annual Singles’ Day shopping festival should have 50 percent growth each year, founder and executive chairman Jack Ma said in Beijing on Wednesday.

Singles’ Day is the biggest shopping event in the world, larger than the United States’ Black Friday and Cyber Monday combined.

Many Chinese e-commerce firms offer steep discounts to attract consumption on a massive scale.

Reporting by Paul Carsten; editing by Jason Neely

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