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September 2, 2021 08:05 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/oUw_Xkyg44c/chinas-alibaba-to-invest-155-billion-for-common-prosperity
China's Alibaba To Invest $15.5 Billion For 'Common Prosperity'
China's Alibaba Group will invest 100 billion yuan ($15.5 billion) by 2025 in support of "common prosperity," it said, becoming the latest corporate giant to pledge support for the initiative driven by President Xi Jinping. From a report: 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 100 billion 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 20 billion yuan "common prosperity development fund", the newspaper said, with Alibaba confirming the report.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/oUw_Xkyg44c/chinas-alibaba-to-invest-155-billion-for-common-prosperity
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