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Alibaba pledges $15.5 bn to help China achieve ‘common prosperity’

News Snapshot:

Beijing, Sep 4 (IANS) Alibaba is pouring 100 billion yuan ($15.5 billion) into China’s drive to achieve “common prosperity”, marking the latest big pledge from a Chinese company to support President Xi Jinping’s campaign. The tech giant on Friday announced that it would spend the staggering sum by 2025 with an eye on five priorities — innovation in technology, economic development, the creation of “high-quality employment”, supporting vulnerable communities, and setting up a special development fund. The company laid out 10 specific goals it plans to tackle, from increasing technological investment in the country’s less developed regions to improving the…

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