Alibaba launches US$1.5 billion fund to help fight poverty in China
Tech giant Alibaba Group on Friday launched a 10 billion yuan (US$1.51 billion) fund to support China’s ambitious poverty alleviation campaign. At a conference attended by the company’s 36 partners at its headquarters in Hangzhou, executive chairman Jack Ma announced it would set up the Alibaba Poverty Relief Fund, with the money to be donated over the next five years.
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