(Yicai Global) Dec. 1 -- Chinese e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA] today announced plans to further its charitable work by committing CNY10 billion (USD1.51 billion) toward lifting Chinese people out of poverty over the next five years.

The fund will focus on four key areas of improvement -- education, empowering women, entrepreneurship and environmental protection -- and will be headed up by six senior Alibaba executives, including Jack Ma, founder and chairman, and Daniel Zhang, chief executive.

Each of Alibaba's independent companies will be responsible for one poverty alleviation project, and the holding company will examine the work of each unit, issuing semi-annual reports, Ma said. The company will do more than dish out cash, and hopes to lend its knowledge and expertise to help improve the lives of China's rural population.

"We believe the end of poverty is a goal that can be achieved and our fund embodies our long-standing commitment to give back to society," he added. "We are deeply passionate about equal access to education, employment and entrepreneurship opportunities. While Alibaba and its executives have been committed to these causes for years, this fund takes our commitment a step further. We seek to lead by example and make a meaningful impact with our work."

The renowned online retailer has been carrying out charitable work since its early days, and encouraging its employees to have a positive impact on society. The group's leaders have already funded scholarships to train teachers in rural China, and have helped provide support for 5,000 mothers from the country to set up their own businesses online. Regular employees have also contributed to the cause, completing more than 230,000 hours of volunteer work to help their local communities over the past 18 months.

The firm set up the Alibaba Foundation in 2011, and contributes 0.3 percent of annual revenue to the fund in a bid to support social responsibility initiatives.