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.
of this story at Slashdot.
Source:: Slashdot