Alibaba pledges $ 15.5 billion to “promote common prosperity”

Alibaba Group Chairman and CEO Danial Zhang will lead the working group tasked with delivering on the pledge. Shutterstock.

Alibaba Group on Friday announced plans to invest 100 billion yuan ($ 15.5 billion) to “promote common prosperity” in China.

The new Alibaba Group Common Prosperity Promotion Working Committee, headed by Alibaba Group Chairman and CEO Daniel Zhang, will be responsible for implementing initiatives focused on technological innovation, economic development, creating high-quality jobs, caring for vulnerable groups and creating a 20 billion yuan ($ 3.1 billion) prosperity development pool by 2025.

Alibaba’s pledge is the latest in a series of high-profile contributions announced by tech companies following President Xi Jinping’s call last month to narrow the growing gaps in wealth and income equality in China.

Tencent said it will spend the equivalent of $ 7.7 billion to promote common prosperity this year, investing in medical care, education and rural revitalization. of $ 1.55 billion.

Food delivery giant Meituan, whose chairman Wang Xing has personally donated billions of dollars in shares to a charitable foundation, said in its financial report released on August 30, “We will never stop creating greater value for all participants in our ecosystem and the promotion of “common prosperity” for all of society. “

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