Alibaba Pledges $15.5 Billion to Support Chinese Government’s Common Prosperity Campaign

E-commerce giant Alibaba Group announced on Friday that it will provide 100 billion yuan ($15.5 billion) to support the common prosperity campaign of President Xi Jinping for China.

In a press release, the company said that it will assign the newly established Alibaba Group Common Prosperity Advancement Working Committee as a permanent mechanism dedicated to delivering its key initiatives by 2025.

The committee will be headed by Alibaba Group’s Chairman and CEO Daniel Zhang.

According to the company, the initiatives will mainly focus on technology innovation, economic development, high-quality employment creation, care for vulnerable groups, and the establishment of a 20 billion yuan ($3.1 billion) common prosperity development fund within the target timeframe.

In the announcement, the company also laid out its 10 major initiatives in support of the government’s common prosperity drive.

“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,” Zhang said in a statement. “We are eager to do our part to support the realization of common prosperity through high-quality development.”

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