Hangzhou government signs cooperation agreement with Alibaba, praising its efforts in taking social responsibility

January 11, 2023 4:59 am

Hangzhou government has signed a new cooperation agreement with Alibaba, in a bid to assist the e-commerce giant in developing the online platform economy, local media reported on Tuesday.

It has been 9 years since Alibaba first established strategic cooperation with the government of Hangzhou, where its headquarters is located.

Liu Jie, secretary of the Hangzhou Municipal Party Committee, key leaders of the municipal party committee and government, and Daniel Zhang, chairman and CEO of Alibaba Group, attended the signing ceremony on Tuesday morning.

Liu stated that Alibaba has made an irreplaceable contribution to the economic and social development of Hangzhou, and praised Alibaba's performance in taking social responsibility and conducting rectification.

“Hangzhou will unswervingly support Alibaba's healthy and high-quality development," said the official, adding that better service awareness, more effective communication mechanisms, and "inclusive" and "prudent" regulation will be promoted.

In this regard, Alibaba CEO pledged that the company would fulfill its social responsibilities and continue to contribute to the economic and social development of Hangzhou.

The signing comes just two days after Ant Group, the finance affiliate of Alibaba, announced Jack Ma had ceded control of the company. As a result of a Saturday-passed plan to adjust Ant's structure, the voting power of Jack Ma, the well-known Chinese billionaire and founder of Alibaba, will decrease from over 50% to 6.2% 

Following the news, Alibaba's shares rose 3.63% in New York.