The coastal city of Xiamen signed a strategic cooperation agreement with Chinese internet giant Alibaba in Xiamen, East China's Fujian province, on Dec 9.

According to the agreement, both sides will expand cooperation in digital economy, urban governance, consumption upgrading, and financial technology, and also carry out cooperative projects to improve people's livelihood.

In recent years, Xiamen has been promoting its new economy and improving its business environment in an effort to develop the local economy. Its cooperation with Ant Financial, the finance arm of Alibaba, is expected to help boost the development of new technology and businesses in the city, according to Xiamen government officials.

Xiamen's digital economy has led the country for years, and Alibaba and Ant Financial plan to take advantage of the opportunities provided by the city. They will offer strong support for smart city development and digital transformation in the city and inject strong momentum into its economic and social development, according to representatives from Alibaba.