Alibaba Group on Friday launched a 10 billion yuan (US$1.51 billion) fund to support China’s ambitious poverty alleviation campaign.
The Alibaba Poverty Relief Fund will have the $1.51 billion donated over the next five years.
China has already lifted more than 500 million people out of poverty after three decades of economic reforms on the mainland and President Xi Jinping has made it a policy priority with a plan to eradicate extreme poverty by 2020.
Poverty in China is defined as having an annual income below 3,000 yuan (US$450) at current prices.
Deng Xiaoping reformed China to enable many in china to become rich. Deng had said those became rich first should then help those who were still poor.
Alibaba executives will be assigned to work on projects including education, poverty relief among women, developing sales of rural products from impoverished regions, and initiatives combining poverty alleviation and environment protection. All of them will have that poverty work included in their performance evaluations. Ma said all companies within the group would also be given a poverty relief project to handle.
Ma hopes that the fund could help rural Chinese to stay in their hometowns rather than having no choice but to leave their families behind and become migrant workers in the cities.
Wang is a prolific business-oriented writer of emerging and disruptive technologies. He is known for insightful articles that combine business and technical analysis that catches the attention of the general public and is also useful for those in the industries. He is the sole author and writer of nextbigfuture.com
, the top online science blog. He is also involved in angel investing and raising funds for breakthrough technology startup companies.
He gave the recent keynote presentation at Monte Jade event with a talk entitled the Future for You. He gave an annual update on molecular nanotechnology at Singularity University on nanotechnology, gave a TEDX talk on energy, and advises USC ASTE 527 (advanced space projects program). He has been interviewed for radio, professional organizations. podcasts and corporate events. He was recently interviewed by the radio program Steel on Steel on satellites and high altitude balloons that will track all movement in many parts of the USA.
He fundraises for various high impact technology companies and has worked in computer technology, insurance, healthcare and with corporate finance.
He has substantial familiarity with a broad range of breakthrough technologies like age reversal and antiaging, quantum computers, artificial intelligence, ocean tech, agtech, nuclear fission, advanced nuclear fission, space propulsion, satellites, imaging, molecular nanotechnology, biotechnology, medicine, blockchain, crypto and many other areas.