China's Alibaba To Invest $15.5 Billion For 'Common Prosperity'

DEAD7

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China's Alibaba To Invest $15.5 Billion For 'Common Prosperity'


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.
 

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Sounds like the same platitudes we see in America when companies like Facebook and Microsoft do the same thing….
 
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