China’s Alibaba launches ecommerce subsidies of $7 billion in consumption boost
The online retail platform of Chinese tech giant Alibaba announced Wednesday that it will issue $7 billion in subsidies for certain purchases, providing a much-needed boost for a country struggling with sluggish spending.
Taobao, China’s e-commerce champion launched by Alibaba in 2003, said in a WeChat statement that the 50 billion yuan ($6.97 billion) would “directly subsidise consumers and merchants” over a 12-month period starting Wednesday.
