China’s Alibaba to invest $15.5b

Chinese e-commerce giant Alibaba 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.