China's Alibaba to offer $144 million in subsidies as shopping suffers
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MONDAY, JANUARY 30, 2023
China's Alibaba to offer $144 million in subsidies as shopping suffers

Global Economy

Reuters
05 March, 2020, 08:05 pm
Last modified: 05 March, 2020, 08:07 pm

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China's Alibaba to offer $144 million in subsidies as shopping suffers

Alibaba’s announcement, made in a social media post on Thursday, comes as the e-commerce giant wrestles with depressed consumer spending in China

Reuters
05 March, 2020, 08:05 pm
Last modified: 05 March, 2020, 08:07 pm
FILE PHOTO: The logo of Alibaba Group is seen during Alibaba Group's 11.11 Singles' Day global shopping festival at the company's headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song/File Photo
FILE PHOTO: The logo of Alibaba Group is seen during Alibaba Group's 11.11 Singles' Day global shopping festival at the company's headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song/File Photo

China's Alibaba Group will provide 1 billion yuan ($144 million) in spending subsidies for a March online shopping festival to counter the impact of the coronavirus outbreak.

Alibaba's announcement, made in a social media post on Thursday, comes as the e-commerce giant wrestles with depressed consumer spending in China, which is in a state of semi-quarantine as a result of the coronavirus epidemic.

($1 = 6.9326 Chinese yuan renminbi)

World+Biz

Alibaba Group

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