Guwahati News Desk: Chinese e-Commerce giant, Alibaba, announced that it will be investing in 10 projects for job creation, “care for vulnerable groups” and technology innovation.
The announcement was made by the Alibaba Group on Friday.
As per their announcement, they are planning to 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.
The Group’s 100 billion yuan ($15.5 billion) pledge includes of 20 billion yuan for a fund to “cut income inequality” in the company’s home province of Zhejiang, south of Shanghai.
Infact, Alibaba and several of the 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.
The CEO Daniel Zhang said, “We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well.”
Moreover, President 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.