Feng Fei, Zhejiang's vice governor, offered his hopes for the cooperation deal between the university and the internet company at the signing ceremony on May 31. [Photo/ZDNEWS]

Wu Zhaohui, president of Zhejiang University, said, "The cooperation between the university and Alibaba will make it possible to offer more Chinese solutions to human problems."

Alibaba's CEO Zhang Yong also believes the agreement can create a host of positive opportunities, "The in-depth exchanges with the academic world will further power Alibaba to push ahead our businesses and help to become a strong driving force for societal progress."

Zhejiang University enjoys great reputation for its advantages in research and talent cultivation. In May 2017, the university was listed among the top 100 academic institutions across eight disciplines in ESI (Essential Science Indicators).

Alibaba plays a leading role in China's internet industry and has been investing in core technologies such as large-scale computing systems and databases for nearly 10 years.

While the two sides have cooperated before, this new endeavor is a great step that will see wider and more comprehensive modes of exploring economic and social values of scientific research.