HONG KONG (Reuters) - China's Alibaba Cloud on Monday said it will cut prices for products that are powered by its offshore data centers by as much as 59% amid rising competition to attract artificial intelligence software developers.

The cloud service provider said products related to computing, storage, network, database and big data will receive an average of a 23% price reduction.

This is the third time the cloud arm of Chinese e-commerce leader Alibaba Group Holding has moved to cut prices over the last 12 months. In February, Alibaba had already announced a similar price cut programme aimed at domestic users.

The price cuts mark Alibaba's latest effort to lure developers to build data-intensive AI models and applications using its cloud services.