(Yicai Global) Aug. 21 – China's internet giant Alibaba Group Holding Ltd. [NYSE: BABA] will set up northwestern headquarters in Xian, capital of Shaannxi province, to facilitate the implementation of the 'Great Western Development Strategy' and the 'One Belt, One Road' Initiative, its founder and executive chairman Jack Ma said in the city last weekend.
Alibaba's logistics arm, Cainiao Network Technology Co., will also transform Xian into a key nodal point of the national smart logistics network to better serve economic development and service industry upgrade in northeastern regions, Zhejiang's official online media outlet, Zjol.com.cn reported, citing the multibillionaire entrepreneur.
The Xian local government and Alibaba Group signed a strategic cooperation agreement on Aug. 19, pledging to pilot 'new retail' based on the internet, Big Data and artificial intelligence (AI) technologies in the city.
In addition, the Xian government has decided to cooperate with Ant Financial Services Group, the Alibaba's financial services arm and internet finance platform, on transportation, commerce, public service, government affairs and credit profiling businesses.
Alibaba has already built logistics, e-commerce, and internet finance facilities in Xian. It will operate more core businesses in the city with the establishment of the regional headquarters.