E-commerce giant Alibaba Group says it will spend $15.5 billion to support President Xi Jinping’s campaign to spread China’s prosperity more evenly.
Visitors walk past a booth for Chinese technology firm Alibaba at the China International Fair for Trade in Services in Beijing, Friday, Sept. 3, 2021. E-commerce giant Alibaba Group said 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 pledge includes 20 billion yuan for a fund to “cut income inequality” in the company’s home province of Zhejiang, south of Shanghai. “We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well,” CEO Daniel Zhang said in a statement.
The ruling party tolerated a widening gap between China’s rich and poor as the economy boomed over the past three decades. Xi, who took power in 2012, has called for renewing the party’s “original mission,” which includes eradicating poverty, raising incomes and directing investment toward strategic technology and other initiatives.
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