Business

Alibaba will provide $144 million in spending subsidies to fight coronavirus' impact

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According to Reuters, China’s Alibaba Group will provide 1 billion yuan (about $144 million) in spending subsidies for an online shopping festival to be held this March (the exact date was not disclosed).

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Alibaba’s announcement was made in a social media post on Thursday, according to the media outlet, and it comes as a reaction of the e-commerce giant to the fall in the Chinese consumption due to the coronavirus outbreak.