Alibaba Pledges $15.5 Billion for Beijing’s ‘Common Prosperity’ Push

Alibaba Group Holding Ltd. vowed to spend the equivalent of $15.5 billion fostering social equality, becoming the latest in a series of big Chinese companies to take up Beijing’s drive for what it calls “common prosperity.”

Businesses and individual entrepreneurs are in some cases pledging billions of dollars to good causes, and companies have quickly adopted the newly popular slogan, as they seek to stay on the right side of President Xi Jinping’s government amid a series of corporate crackdowns.

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