Alibaba Group Holding Ltd (NYSE:BABA) shares had been going sideways for weeks amid much bigger moves by the likes of Alphabet Inc (NASDAQ:GOOGL) and Facebook Inc (NASDAQ:FB). That’s OK, though, because BABA stock is having its day today.

Alibaba shares are up 11% today on a stunningly bold statement from an investor event. The company forecasts revenue growth of 45% to 49% in the current fiscal year (2018), which crushed analyst estimates and sent the stock to roughly 60% gains for the year-to-date.

BABA had its cooling-off period. Now it’s time for the bull to run.

The Bull Case for Alibaba Is Building

The projections are outstanding, of course. Those figures blew away expectations for 31% revenue growth, for one. And Alibaba’s projections aren’t just based on growth in e-commerce, but also other blossoming businesses such as its cloud operations.

It’s not just the most recent projections, either. It’s the concrete evidence from the latest  earnings report that has me optimistic about the future potential of BABA stock.

Revenues spiked by 60% to $5.6 billion and the adjusted EBITDA came to $2.4 billion. The company continues to get traction with key metrics, as the number of active buyers on the retail marketplaces increased by 11% to 454 million and mobile monthly active users (MAUs) rose 14% to 507 million.

And again, Alibaba is so much more than e-commerce.

Over the years, the company has leveraged its digital platform to capitalize on other growth markets, such as the following:

• Cloud Computing: Based on research from IDC, BABA is the largest cloud provider in China. And yes, the lead continues to widen. In the latest quarter, the cloud computing business saw a 103% jump in revenues to $314 million and the number of paying customers went from 765,000 to 874,000 (on a quarter-over-quarter basis). A key has been a focus on innovation, as BABA added 152 new products to its platform during this period.
• Digital Media: Revenue for this category soared by 234% to $571 million. After all, BABA has some inherent advantages, such as with the powerful leverage of the e-commerce and affiliate payment businesses. The company also is benefiting from its Youku Tudou video streaming service.

Another critical driver has been savvy dealmaking that has propelled growth. As InvestorPlace.com’s Will Ashworth has written, the company has made billions from stakes in operators like Weibo Corp (ADR) (NASDAQ:WB) and Momo Inc (ADR) (NASDAQ:MOMO).

Bottom Line on Alibaba Stock

Alibaba’s pronouncement painted a picture of China’s growth so strong that other Chinese tech stocks such as JD.com Inc(ADR) (NASDAQ:JD) and Tencent Holdings Ltd (OTCMKTS:TCEHY) were lifted right along with BABA. The broad belief is that a macro wind is blowing, and right at Alibaba’s back.

That’s true, but that’s not all.

But in the earnings call for Alibaba, CEO Joseph Tsai set forth compelling arguments for the long-term opportunities for the company, specficially. He noted:

“On China macro, there is an important secular trend underway. Chinese consumers are driving the shift of the Chinese economy from an export and investment led to a consumption led economy.”

He backed this up by pointing out the strong gains in per capita income, which has gone from $870 in 1999 (when Alibaba was launched) to $8,000 now. There has also been a substantial increase in China’s wealth, with household holdings at roughly $4 trillion in net cash.

According to Tsai:

“So consumption is moving up the higher key of economic needs, in other words people are spending more on discretionary goods and services. We believe the growth of per capita GDP in China will continue for years to come and eventually approach advanced economy such as the United States where GDP per capita is over US$50,000.”

This is definitely a powerful vision. And it is also key that the company has dominant positions in the megatrends.

In other words, for those investors looking for a growth play on China, BABA stock remains a pretty good choice.

Tom Taulli runs the InvestorPlace blog IPO Playbook and is the author of various books, including All About Commodities, All About Short Selling and High-Profit IPO Strategies. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.