Alibaba Jumps Into China’s “Common Prosperity” Bandwagon With $15.5 Billion
Chinese technology and e-commerce giant Alibaba Group Holding Ltd (NYSE:BABA) will invest $15.5 billion by 2025 in support of Chinese President Xi Jinping’s “common prosperity” initiative, according to local media. Q2 2021 hedge fund letters, conferences and more SupportAs reported by CNN, the funds from Alibaba will go to areas such as subsidies for small and medium-sized businesses, and improvements in labor insurance for temporary workers –drivers and couriers. The Chinese government has been encouraging companies to share their wealth to reduce economic inequality in the country. Similar a...