“Common prosperity”: Alibaba goal of a $15.5 billion investment

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  The government-backed tabloid Zhejiang Daily said on Thursday that Chinese e-commerce giant Alibaba (NYSE: BABA) Group will invest 100 billion yuan ($15.5 billion) by 2025 in favour of “shared prosperity.”

Alibaba’s investment will go toward aiding small and medium-sized businesses and agriculture, as well as establishing a 20 billion yuan “common prosperity development fund,” according to the newspaper, which is situated in the region where Alibaba’s headquarters are located.

A spokesman for Alibaba verified the story.