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

China's Alibaba to offer $144 million in subsidies as shopping suffers
  • Clock-gray 19:34
  • calendar-gray 05 March 2020

China’s Alibaba Group (BABA.N) will provide 1 billion yuan ($144 million) in spending subsidies for a March online shopping festival to counter the impact of the coronavirus outbreak, APA reports citing Reuters.

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.

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