13.9.2021 | Alibaba Group has Pledge to Invest 100 billion yuan in China’s Common Prosperity Program
China’s Alibaba Group has pledged to invest 100 billion yuan ($15.5 billion) by 2025 in support of “common prosperity program”, an initiative driven by President Xi Jinping.
Beijing has been encouraging companies to share wealth as part of the effort to ease inequality in the world’s second-largest economy. Among other companies which had made similar announcements include China’s Tencent Holdings, which also pledged 100 billion yuan.
The government-backed Zhejiang News website said Alibaba’s funds will go towards areas such as subsidies for small and medium-sized enterprises and improving insurance protection for gig economy workers such as couriers and ride-hailing drivers.