(Yicai Global) Feb. 9 -- Alibaba Group Holding has signed an agreement with the Yuhang district of Hangzhou, the Chinese e-commerce giant’s hometown, to speed up the building of its global headquarters and deepen their ties.

The project to expand Alibaba's worldwide HQ has entered the fifth and final stage and should wrap up by the end of this year, The Paper reported yesterday. The firm will also deepen its tie-up with Yuhang in 10 other areas, including on advances in major scientific research, nurturing a high-quality talent pool, and supporting new business models for the digital economy, the report said.

The partnership will further demonstrate Alibaba's strength in leading development, international competition, and benefiting society, according to the report. It will participate in and support the district's efforts to put into action common prosperity concepts and work together to promote a national paradigm on dual carbon, the report said.

Alibaba will remain rooted in Hangzhou during the next decade, increasing its spending on scientific research to become a competitive force in the international market, said Chairman Daniel Zhang.

Renhe Data Center, Alibaba's first cloud computing data center in Hangzhou and the world's biggest all-immersion liquid cooling data center, has become operational. Other company projects expected to complete this year include the head office of its logistic arm Cainiao Network, the first phase of Damo Academy, and Gaoqiao Yungang Digital Economy Business Park. Construction of its instant messenger platform DingTalk’s HQ is also progressing well.

Editor: Martin Kadiev