Tag: common prosperity

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

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....