China’s Alibaba promises $15.5 billion for anti-poverty work
The Hindu
Alibaba said it will invest in 10 projects for job creation, “care for vulnerable groups” and technology innovation.
e-Commerce giant Alibaba Group said on Friday it will spend $15.5 billion to support President Xi Jinping’s campaign to spread China’s prosperity more evenly, adding to pledges by tech companies that are under pressure to pay for the ruling Communist Party’s political initiatives. Alibaba said it will invest in 10 projects for job creation, “care for vulnerable groups” and technology innovation. Its 100 billion yuan ($15.5 billion) pledge includes 20 billion yuan for a fund to “cut income inequality” in the company’s home province of Zhejiang, south of Shanghai. Alibaba and other Chinese tech giants including games and social media service Tencent Holdings Limited have announced plans to invest in social welfare, technology development and other ruling party priorities in response to pressure to align with Beijing’s political and economic plans.
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