Alibaba's Ma sees $1 trillion in transactions in five years

(Reuters) - Chinese e-commerce company Alibaba Group Holding Ltd is aiming to more than double its transaction volumes to more than $1 trillion in five years, Executive Chairman Jack Ma told a conference in Chicago on Wednesday.

Ma said the group would achieve $1 trillion in "sales" in five years.

A spokesman for the group said he was referring to "gross merchandise volume," a measure of the transactions across its various platforms, which came to roughly $390 billion in the past fiscal year.

(Reporting by Nandita Bose in Chicago; Editing by Phil Berlowitz)

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