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China’s Alibaba to invest $15.5 billion towards “common prosperity”


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:BABA) 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 Chinese yuan renminbi)

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