Alibaba sets up poverty relief fund

Peng Lei, president of Alibaba's financial arm Ant Financial, addresses the launching ceremony of Alibaba Poverty Relif Fund in Hangzhou, capital of east China's Zhejiang Province, Dec. 1, 2017. China's e-commerce giant Alibaba announced Friday that it is setting up a fund dedicated to poverty eradication, committing 10 billion yuan (1.5 billion U.S. dollars) over the next five years. Ma serves as the chairman of the fund. (Xinhua/Huang Zongzhi)