Alibaba Group Holding Ltd (BABA)

[SmokyStock]

Alibaba signs a new agreement to strengthen cooperation with Tianjin in northern China on big data, cloud computing, and AI projects.

The municipal government of Tianjin and Chinese e-commerce giant Alibaba Group Holding have pledged "deeper collaboration" in the development of high-tech fields such as artificial intelligence (AI), cloud computing, and big data in the northern coastal metropolis. According to a report on Saturday by the Tianjin Daily, a municipal government-run newspaper, the agreement was reached following a meeting last Friday between Alibaba chairman and CEO Daniel Zhang Yong, Tianjin Communist Party Secretary Chen Miner, and city mayor Zhang Gong. The South China Morning Post is owned by Alibaba. Zhang stated that Alibaba would provide "higher efficiency and lower cost computing resources" to support initiatives in AI, cloud computing, big data, and other high-tech areas in Tianjin, the northern China's largest city.