(Yicai Global) Aug. 17 -- Shanghai's government reached a cooperation agreement with Alibaba Group Holding and its internet financing platform Ant Financial in the city yesterday.
The high-level collaboration between Alibaba and city authorities will give a fillip to the eastern Chinese megacity in building its 'Shanghai Shopping' brand with new retail, promote the construction of an international metropolis based on digital sources, and further boost the integrated development of the Yangtze River Delta region, the city government announced.
Alibaba and Ant Financial are set to expand their investments in Shanghai, hasten the construction of Alibaba Shanghai Center, Alipay headquarters in Pudong district, and Ant Fortune headquarters in Huangpu district, as well as new retail industries, and put into place major industrial projects like intelligent logistics hubs and centers. Shanghai will occupy a more prominent position in the overall matrix of the Chinese e-commerce giant, under the agreement.
The company is committed to making breakthroughs in key core technologies and pursuing long-term development, with many of its businesses highly consistent with the development direction of Shanghai. The city government will provide full support for it to optimize the industrial pattern in town, innovate application scenarios, advance the building of a smart city, and propel the growth of sectors like internet finance and new retail.
The agreement will offer the parties an opportunity to jointly achieve greater development by better leveraging their respective advantages, said Li Qiang, secretary of the ruling communist party's Shanghai committee.
Under the committee's leadership, the municipality will strive to implement the new round of cooperation, speed up the pace of transforming government functions, optimize the business environment, and extend strong support to superior companies such as Alibaba and Ant Financial so that they enjoy a brighter future in Shanghai, said the city's mayor Ying Yong.
Alibaba's Executive Chairman Jack Ma acknowledged the substantial growth potential for Shanghai in the future and revealed the next moves tocement the city as a stronghold for more new businesses, new technologies, new products and new models.
Alibaba will also seize the great opportunity the first China International Import Expo slated to debut in Shanghai in November provides and give full play to its own strengths to contribute to building Shanghai into a commodity import hub delivering goods nationwide an
The two signed their first cooperation framework agreement in 2015. The past three years have attested to tangible achievements in a series of collaborative programs, including the Beidou navigation satellite system, cloud computing, big data, smart city, internet financial services, intelligent logistics backbone networks and cross-border e-commerce.
Editor: Ben Armour