Alibaba Group recently announced the official launch of its “Ten Actions to Help Common Prosperity”, in which the company will invest a total of 100 billion yuan ($15.49 billion) before 2025 to help China reach Common Prosperity. In order to promote the implementation of the actions, Alibaba will also set up a team with Zhang Yong, CEO of Alibaba Group, as the team leader.
He will lead the team to complete Alibaba’s ten actions, focusing on scientific and technological innovation, economic development, high-quality employment, caring for vulnerable groups and launching fund for Common Prosperity. According to Alibaba’s plan, the top ten actions are as follows:
- Increased investment in science and technology to support digital construction in underdeveloped areas;
2. Supporting growth of small and medium-sized enterprises (SMEs);
3. Promoting the construction of agricultural industrialization;
4. Supporting SMEs in operating in overseas markets;
5. Improving employment prospects;
6. Helping to improve the welfare protection of flexible employment groups;
7. Helping people learn to use digital devices more effectively in both urban and rural areas;
8. Strengthening service support and guarantees for vulnerable group;
9. Raising the capacity of community-level medical services; and
10. Establishing a common prosperity development fund of 20 billion yuan and helping promote the construction of Demonstration Zone for Common Prosperity.
The company said: “We firmly believe that Alibaba will be good only if the country and society as a whole are prosperous. We are willing to contribute to achieving Common Prosperity through such development.”
Of the 100 billion yuan investment, Alibaba will also set up a Common Prosperity development fund with 20 billion yuan to boost the construction of the Zhejiang Demonstration Zone for Common Prosperity and explore the realization of common prosperity for the whole country.
Zhang Yong is currently the CEO of Alibaba Group and the Chairman of its Board of Directors. He serves as a director of many listed companies in the United States and Hong Kong, including Haier Electrical Appliances, Intime Retail Group and Weibo. In May 2015, Zhang Yong also served as the Chairman of Intime Retail Group’s Board of Directors.
Zhang Yong officially took over as CEO of Alibaba Group in May 2015 and served as Chairman of Alibaba Sports Group in September of the same year. He officially became Chairman of Alibaba Group Board of Directors on September 10, 2019.