China’s Alibaba plans $144m spending subsidies for shoppers

FILE PHOTO: The logo of Alibaba Group at company headquarters in Hangzhou, Zhejiang province, China. REUTERS/Aly Song/File Photo

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

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.

($1 = 6.9326 Chinese yuan renminbi)

(Reporting by Josh Horwitz; Editing by Alexander Smith)

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