By: The Guardian
September 3, 2021
China’s Alibaba Group will invest 100bn yuan ($15.5bn) by 2025 in support of “common prosperity”, it said, becoming the latest corporate giant to pledge support for the initiative driven by the 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. Other companies that have made similar announcements include Tencent Holdings, which also pledged 100bn yuan, and Geely Automobile.
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.
It will also set up a 20bn yuan “common prosperity development fund”, the newspaper said, with Alibaba confirming the report.