China's Alibaba Promises $15.5B For Development Initiatives
AppleMagazine|September 10, 2021
E-commerce giant Alibaba Group said it will spend $15.5 billion to support President Xi Jinping’s campaign to spread China’s prosperity more evenly, adding to pledges by tech companies that are under pressure to pay for the ruling Communist Party’s political initiatives.

Alibaba said it will invest in 10 projects for job creation, “care for vulnerable groups” and technology innovation. Its 100 billion yuan ($15.5 billion) pledge includes 20 billion yuan ($12.5 billion) for a fund to “cut income inequality” in the company’s home province of Zhejiang, south of Shanghai.

Alibaba and other Chinese tech giants including games and social media service Tencent Holdings Ltd have announced plans to invest in social welfare, technology development and other ruling party priorities in response to pressure to align with Beijing’s political and economic plans.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM APPLEMAGAZINEView All

AMAZON TO ALLOW EMPLOYEES TO WORK REMOTELY INDEFINITELY

Amazon said it will allow many tech and corporate workers to continue working remotely indefinitely, as long as they can commute to the office when necessary.

1 min read
AppleMagazine
AppleMagazine #520

DELTA POSTS $1.2 BILLION Q3 PROFIT, TOUTS HOLIDAY BOOKINGS

Delta Air Lines posted a $1.2 billion profit for the third quarter, helped by the latest installment of federal pandemic aid for the airline industry, but warned that rising fuel prices will lead to a “modest” loss in the fourth quarter.

3 mins read
AppleMagazine
AppleMagazine #520

Camera Set

The iPhone 13’s leaps forward for photo & video

6 mins read
AppleMagazine
AppleMagazine #520

OFFSHORE WIND SUPPLY CHAIN WORTH $109B OVER 10 YEARS

A group studying the economics of offshore wind energy in the U.S. says building and operating the nascent industry will be worth $109 billion to businesses in its supply chain over the next 10 years.

2 mins read
AppleMagazine
AppleMagazine #520

BIG PICTURE, BIG DATA: SWISS UNVEIL VR SOFTWARE OF UNIVERSE

The final frontier has rarely seemed closer than this — at least virtually.

4 mins read
AppleMagazine
AppleMagazine #520

CALIFORNIA EXTENDS TAX ON PHONES TO FUND HIGH-SPEED INTERNET

Californians could have higher cellphone bills after Gov. Gavin Newsom signed two laws aimed at giving the state more money to build high-speed internet connections in unserved areas.

3 mins read
AppleMagazine
AppleMagazine #520

FACEBOOK UNVEILS NEW CONTROLS FOR KIDS USING ITS PLATFORMS

Facebook, in the aftermath of damning testimony that its platforms harm children, will be introducing several features including prompting teens to take a break using its photo-sharing app Instagram, and “nudging” teens if they are repeatedly looking at the same content that’s not conducive to their well-being.

3 mins read
AppleMagazine
AppleMagazine #520

WHITE HOUSE PROPOSES TECH ‘BILL OF RIGHTS' TO LIMIT AI HARMS

Top science advisers to President Joe Biden are calling for a new “bill of rights” to guard against powerful new artificial intelligence technology.

2 mins read
AppleMagazine
AppleMagazine #520

GM REACHES DEAL WITH LG TO PAY FOR BOLT BATTERY RECALL COSTS

LG Electronics has reached a deal with General Motors to pay $1.9 billion to $2 billion to reimburse the automaker for the cost of recalling Chevrolet Bolt electric vehicles due to the risk of battery fires.

1 min read
AppleMagazine
AppleMagazine #520

YOUR MONEY: SAVE FOR HOLIDAYS NOW, SKIP REGRET LATER

Factoring holiday expenses into your budget all year long is effective for avoiding debt, but it’s not always feasible with a limited budget or unforeseen expenses.

4 mins read
AppleMagazine
AppleMagazine #520
RELATED STORIES

China's Boozy Work Culture Fuels a #MeToo Reckoning

Companies are updating employee guidelines to tackle excessive drinking and sexual harassment

8 mins read
Bloomberg Businessweek
October 04, 2021

Beijing's Tech Crackdown

After spending years emulating Silicon Valley, China is charting its own course

8 mins read
Bloomberg Businessweek
August 02, 2021

ALIBABA RECORDS FIRST QUARTERLY OPERATING LOSS SINCE IPO

Alibaba had its first quarterly operating loss since it went public in 2014 after Beijing slapped a record $2.8 billion fine on the nation’s largest e-commerce company for abusing its market position.

1 min read
Techlife News
Techlife News #498

CHINA SUMMONS TECHNOLOGY FIRMS OVER VOICE SOFTWARE SECURITY

Chinese authorities summoned 11 companies including Alibaba and Tencent for talks regarding the security of voice software, as Beijing steps up scrutiny over the internet sector.

1 min read
Techlife News
Techlife News #490

China's Big Chill

Following its crackdown on star capitalist Jack Ma, entrepreneurs grow cautious

5 mins read
Bloomberg Businessweek
March 15, 2021

COUPANG, THE AMAZON OF SOUTH KOREA, DEBUTS ON NYSE

The biggest IPO in years is rolling out Thursday on the New York Stock Exchange where Coupang, the South Korean equivalent of Amazon in the U.S., or Alibaba in China, will begin trading under the ticker “CPNG.”

1 min read
Techlife News
Techlife News #489

China Comes For Its Tech Giants

The Chinese government’s crackdown on the country’s largest technology companies has raised fears that the industry could be paralyzed or cast into disarray as the economy enters a delicate moment. But one contingent within the tech sector is privately cheering on a broad set of anti-monopoly edicts: startups and their investors.

2 mins read
Bloomberg Businessweek
January 25, 2021

Where Is Jack Ma, China's E-commerce Pioneer?

China’s best-known entrepreneur, e-commerce billionaire Jack Ma, made his fortune by taking big risks.

5 mins read
Techlife News
Techlife News #480

The Very Public Humbling of Jack Ma

He was set to raise $35 billion from Ant’s IPO. Then China showed him who’s boss

10+ mins read
Bloomberg Businessweek
December 28 - January 04, 2021

MARKET DEBUT OF CHINESE E-FINANCE GIANT ANT GROUP POSTPONED

The planned stock market debut of the world’s biggest online finance company, Ant Group, was suspended in Shanghai and Hong Kong, disrupting a record-setting $34.5 billion initial public offering that highlighted China’s recovery from the coronavirus pandemic.

3 mins read
Techlife News
November 07, 2020