[Life Style] Alibaba of China invests $ 15.5 billion for “common prosperity” NS Reuters API Published September 2, 2021 Chinese [Alibaba](//us.fashionnetwork.com/tags-alibaba) Group said to be the latest of the company giant that pledged to invest 100 billion yuan (155 billion dollars) in order to support the “common prosperity” in 2025, an initiative that Xi Jinping president led. Beijing has encouraged businesses to share wealth as part of their efforts to mitigate inequality in the world’s second-largest economy. For other companies that made similar announcements, [Tencent](//us.fashionnetwork.com/tags-tencent) Holdings and Giri Automobile also promised 100 billion yuan. According to the government-backed Zhejiang News website, Alibaba’s funding will go to areas such as subsidizing small businesses and improving insurance protection for gig economy workers such as courier and ride drivers. The newspaper also said it had set up a 20 billion yuan “common prosperity development fund” and Alibaba confirmed the report. E-commerce giants and their technical rivals are subject to a wide range of regulatory crackdowns on issues ranging from monopoly behavior to consumer rights. Alibaba was fined a record $ 2.75 billion in April for a monopoly breach. The sector has also been criticized for the treatment of delivery workers and dispatchers, most of whom are not covered by basic social or medical insurance. Alibaba-owned food delivery platform Ele.me and supermarket operator Freshippo were one of the operators convened last month at a meeting with government regulators on improving delivery worker safety and worker rights. © Thomson Reuters 2021 All rights reserved. Alibaba of China invests $ 15.5 billion for “common prosperity” [Source link](//us.fashionnetwork.com/news/China-s-Alibaba-to-invest-15-5-billion-towards-common-prosperity-,1330431.html) Alibaba of China invests $ 15.5 billion for “common prosperity”