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E. China's Shanghai to strengthen co-op with Alibaba and Ant Financial

August 17, 2018


Abstract : East China's Shanghai on Thursday signed strategic corporation agreements with the Chinese tech giants Alibaba and Ant Financial Services Group to cooperate on social environment innovation, technology innovation, manufacturing upgrading...

alibaba

BEIJING, Aug. 17 (Xinhua) --- East China's Shanghai on Thursday signed strategic corporation agreements with the Chinese tech giants Alibaba and Ant Financial Services Group to cooperate on social environment innovation, technology innovation, manufacturing upgrading and transformation, new retail and cultural industry.

According to the agreements, Alibaba and Ant Financial Services Group will increase their investment in Shanghai, promote construction of “new retail” industry, and advance the smart logistics hub project in Shanghai.

At present, subsidiaries of Alibaba, such as Hema Xiansheng (Hema Fresh) and Ele.me have already set up their headquarters in Shanghai.

"New retail" uses technology and data to merge online and offline shopping, offering consumers a more-efficient and more-flexible shopping experience, according to Alibaba.

In the future, Hema Fresh will accelerate its service coverage in downtown areas of Shanghai to promote the "new retail" here.

In terms of the financial service, Ant Financial will strengthen its advantages in block chain, mobile payment, credit system and data exchanges, to advance the development of financial services in Shanghai.

Moreover, Alibaba will also participate into the preparatory work for the First China International Import Expo and help attract the global brands. (Edited by Jiang Feifan, hupingchao@xinhua.org)

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Keyword: Alibaba new-retail

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