Alibaba said it will invest in 10 projects for job creation, “care for vulnerable groups” and technology innovation. Its 100 billion yuan ($15.5 billion) pledge includes 20 billion yuan ($12.5 billion) for a fund to “cut income inequality” in the company’s home province of Zhejiang, south of Shanghai.
Alibaba and other Chinese tech giants including games and social media service Tencent Holdings Ltd 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.
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