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

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)