A delegation of 29 students from University of Newcastle in Australia visits Alibaba Group in Hangzhou, Zhejiang province on July 3. [Photo/zjol.com.cn]

A delegation of 29 students from University of Newcastle (UON) in Australia visited Alibaba Group in Hangzhou, Zhejiang province on July 3, as part of an 11 day-journey to China.

The students, recipients of the US$20 million (AU$26.4 million) Ma & Morley Scholarship Program, visited West Lake and came face to face with the man who made their dreams come true.

Established in 2017, the unique scholarship program goes beyond financial support and is intended to honor the life changing friendship between Jack Ma and Novocastrian Ken Morley.

Aiming to inspire, educate and cultivate the next generation of globally aware and socially conscious Australian leaders, the program is the largest philanthropic commitment in UON's history.

Students from University of Newcastle in Australia perform native dances with their faces and arms painted white in West Lake Scenic Area, Hangzhou, Zhejiang province on July 3. [Photo/zjol.com.cn]

Don't be afraid to make mistakes. The most valuable thing in life is neither money nor power, but experience, Ma told the students.

"I wouldn't be where I am today if I didn't go to Australia and experience a whole different world," said Ma, adding that he hopes students can stay creative and help empower other people.

As the founder of China's e-commerce giant Alibaba group, Ma shared with students the secret to his success, which lies in perseverance.

"I have failed many times in the past, the only thing I have not given up on is trying, we cannot give up trying something new," said the billionaire.