Alibaba pledges $15.5 billion to help China reach ‘common prosperity’

Alibaba will invest 100 billion yuan ($15.5 billion) into China’s drive to achieve “common prosperity”. This is the latest big pledge from a Chinese company to support President Xi Jinping’s campaign.

The Chinese tech company announced Friday that it would spend the massive sum by 2025 with an eye on five priorities: innovation in technology, economic development, the creation of “high-quality employment,” supporting vulnerable communities, and setting up a special development fund.

Alibaba is also setting up what it’s calling the “Prosperity Advancement Working Committee,” which will be helmed by Chairman and CEO Daniel Zhang.

Didi and JD.com are letting their workers unionize “Alibaba is a beneficiary of the strong social and economic progress in China over the past 22 years.

We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well,” he said in a statement Friday.”

We are eager to do our part to support the realization of common prosperity through high-quality development.”

Similarly, Tencent  announced last month that it would dedicate 50 billion yuan ($7.7 billion) toward achieving Beijing’s goal of “common prosperity.” The company said it would aim to help increase income for the poor, and address education inequality, among other initiatives.

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