BEIJING, Nov. 20 (Xinhua) -- The Asian Development Bank (ADB) and Chinese e-commerce giant Alibaba signed a Memorandum of Understanding (MoU) on Wednesday to boost rural vitalization in China.

Cooperation between the two sides will focus on three areas that highlight smart farming and internet-plus agriculture technology applications, ecological management, and rural solid waste value streams.

"ADB and Alibaba each have unique resources and advantages they can use to support rural development, protect the urban and rural environment, improve the safety and quality of agricultural production, and increase farmers' incomes," ADB Vice President Ahmed Saeed said.

"We believe this cooperation will demonstrate how an international financial institution and a private sector leader can work together to address rural challenges using innovative approaches," he added.

Through the MoU, the ADB is also embarking on a wider knowledge partnership with Alibaba to promote the sharing of the latest internet-plus and agriculture technology applications to the ADB's clients through events and meetings, consultations, training and capacity development for government personnel, publications, and joint analytical work, the bank said in a press release.