Alibaba is now gushing around $15.5 billion into China's drive to achieve the "common prosperity". The company is marking the biggest pledge from a Chinese company ever to support President Xi's campaign.
The tech giant said that it would spend a huge amount by 2025 supporting the aim of five priorities. There are five priorities which are important to develop the overall situation. These priorities include innovation in the field of technology, economic development of the country, creation of high-quality employment for the people, supporting vulnerable communities, and setting up a special development fund.
It also laid out the ten specific goals it plans to tackle. It includes the increasing technological investment in the less developed regions of the country to improve the welfare of gig economy workers to work to speed up the growth of small businesses and agriculture.
The Chinese company is also setting up the "Prosperity Advancement Working Committee". It is said tobe helmed by Chairman and CEO Daniel Zhang.
The CEO said, "Alibaba is a beneficiary of the strong social and economic progress in China over the past 22 years. We firmly believe that if society is doing well and the economy is doing well, then Alibaba will do well".