Alibaba pledges $15.5b to China’s ‘common prosperity’ push

The company has set up a task force to see through its initiatives by 2025.

Alibaba has committed $15.5b (RMB100b) to finance 10 initiatives promoting the “common prosperity” push in China that aims to narrow the wealth gap in the nation, one of the largest pledges made by a private company in the initiative, a press release revealed.

The company has set up a dedicated task force, spearheaded by Group Chairman and CEO Daniel Zhang, to see through each initiative by 2025. The task force will focus on technology innovation, economic development, creating high-quality jobs and care for vulnerable groups

The company will also launch a $3.1b (RMB20b) Common Prosperity Development Fund to be used in Alibaba’s home province of Zhejiang.

A pilot program is already underway in Zhejiang province to narrow its income gap by 2025, creating an olive-shaped social structure by making middle-income households the mainstay of its economy.

Follow the link for more news on

Alibaba

China's common prosperity initiative

Also Read

GOELIA expands with 9 new store openings in China and Singapore

Gentle Monster opens first flagship boutique in Australia

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit