Shanghai and Alibaba cooperate to help city develop itself into a global center for various sectors

Agreement sees the two partners go all out to transform Shanghai into an innovation hub for finance, logistics, science and technology globally.

The Shanghai government and Alibaba Group yesterday signed a strategic cooperation agreement to help the city develop itself into an innovation center encompassing various sectors.

The e-commerce giant will increase investment in its regional headquarters in Shanghai's Hongqiao area, Ant Financial's second headquarters in Pudong New Area as well as initiatives in the new retail sector, as Alibaba seeks to actively boost the integrated development of the Yangtze River Delta. 

Alibaba plans to set up a smart logistics dispatch hub in Shanghai to further enhance the city's strategic position. 

Shanghai has been a testing ground for Alibaba's new retail initiative, and it hosts the first Hema Fresh Market store which is a new retail format combining dining, shopping and on-demand delivery service. 

Ant Financial, Alibaba's financial affiliate, also aims to leverage its financial risk control measures to help the city build an innovative financial center and will adopt technology such as blockchain, mobile payment, and credit rating system to help local merchants and boost the local economy. 

The first China International Import Expo, to be held in November, will also be another area of collaboration between Alibaba and the Shanghai government. 

Shanghai also aims to help enterprises reduce their operation costs and create a more conducive business environment.

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