China’s Alibaba to invest $15.5 billion towards “common prosperity” By Reuters
© Reuters. FILE PHOTO: The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter
SHANGHAI (Reuters) – Chinese e-commerce giant Alibaba (NYSE:) Group will invest 100 billion yuan ($15.5 billion) by 2025 in support of “common prosperity”, the government-backed newspaper Zhejiang Daily reported on Thursday.
Alibaba’s investment will go towards supporting small and medium enterprises and agriculture, and towards setting up a 20 billion yuan “common prosperity development fund”, said the newspaper, based in the province where Alibaba’s headquarters are housed.
An Alibaba spokesperson confirmed the news.
($1 = 6.4613 renminbi)
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