Chinese tech giant Alibaba has pledged to give away RMB 100 billion ($15.5 billion), the equivalent of around two-thirds of its net income in 2020, to projects that support China’s leader Xi Jinping’s call for “common prosperity,” reports the Financial Times. Alibaba will donate the money over five years to a number of projects that align with Beijing’s policy goals, including initiatives to bolster digital and medical services in rural areas, the state-run Zhejiang Daily newspaper reported.
The e-commerce company confirmed that it had matched the pledge made by its biggest rival Tencent, which said last month it would double the sum it is donating to social responsibility programs to RMB 100 billion. Pinduoduo, another fast-rising e-commerce company, has pledged to give RMB 10 billion (around $1.5 billion) to farmers from its second-quarter and future profits.
