Alibaba invests 100b yuan to promote common prosperity

Chinese tech heavyweight Alibaba Group Holding Ltd announced on Thursday it will invest 100 billion yuan ($15.5 billion) by 2025 to help promote "common prosperity" in China.

Alibaba's investment will go toward supporting technological innovation, economic development and high-quality employment, as well as caring after vulnerable groups and setting up a 20-billion-yuan common prosperity development fund.

The company said it will increase investment in science and technology, support digital construction in less developed areas, small and medium-sized enterprises and agriculture, provide diversified vocational training and narrow the digital divide.

The recently-convened 10th meeting of the Central Committee for Financial and Economic Affairs has turned the spotlight on the country's pursuit of common prosperity.

Participants at the meeting encouraged some people to become prosperous first, and help others get rich later. They also called for the creation of conditions and opportunities for more people to develop and become prosperous.