Alibaba's $15.5 bln "common prosperity" pledge

China's Alibaba will invest $15.5 billion by 2025 in support of China's "common prosperity".

It's the latest corporate giant to pledge support for the initiative driven by President Xi Jinping.

Beijing has been encouraging companies to share wealth in an effort to ease inequality in the world's second-largest economy.

Other companies to make similar announcements include Tencent, which has pledged the same amount.

And Geely Automobile.

A government-backed news website said Alibaba's funds will go towards subsidies for small and medium-sized enterprises.

And improving insurance protection for gig economy workers such as couriers and ride-hailing drivers.

It will also set up a "common prosperity development fund".

Alibaba confirmed the report.

The e-commerce giant and its tech rivals have been the target of a wide-ranging regulatory crackdown, from monopolistic behaviour to consumer rights.

Alibaba was fined a record $2.75 billion in April over competition violations.

The tech sector has also attracted criticism for the treatment of delivery workers and ride-hailing drivers.

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