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Alibaba Pledges $15.5 Billion to ‘Common Prosperity’ Drive

  • E-commerce giant to devote 100 billion yuan to societal good
  • Alibaba joins tech giants in backing Xi Jinping’s key priority
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Xi Doubles Mentions of ‘Common Prosperity’
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Alibaba Group Holding Ltd. pledged 100 billion yuan ($15.5 billion) over five years toward Xi Jinping’s “common prosperity” vision, becoming the latest tech giant to bankroll China’s broad aim to share the wealth.

China’s second-largest company will spread the money between 10 initiatives encompassing technology investment and support for small companies, the government-backed Zhejiang Daily reported Thursday. An Alibaba spokesperson confirmed the report, without elaborating. The company’s shares were little changed in New York trading.