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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