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• Published on 3 September 2021
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Alibaba latest big tech to pledge to China’s ‘common prosperity drive’

Alibaba Group has pledged RMB 100 billion ($15.5 billion) over five years towards President Xi Jinping’s “common prosperity” vision. The sum will be spread between ten initiatives encompassing technology investment and support for small companies. Alibaba is the latest tech giant to promise to give back to the Chinese economy, following Pinduoduo and Tencent Holdings, which previously pledged $1.5 billion and $15 billion respectively.

News source: Bloomberg