China's Alibaba Group (NYSE:BABA) will invest $15.5 billion U.S. by 2025 to support "common prosperity," becoming the latest corporation to pledge support for the initiative driven by President Xi Jinping’s government.
Government officials in Beijing have been encouraging companies to share wealth as part of the effort to ease inequality in the world's second-largest economy.
Other companies that have made similar announcements to Alibaba’s include Tencent Holdings and Geely Automobile.
Alibaba's funds will go towards areas such as subsidies for small and medium-sized enterprises and improving insurance protection for gig economy workers such as couriers and ride-hailing drivers, the company said.
The e-commerce company and its technology rivals have been the target of a wide-ranging regulatory crackdown on issues ranging from monopolistic behaviour to consumer rights. Alibaba was fined a record $2.75 billion U.S. in April over monopoly violations.
The sector has also attracted criticism for the treatment of delivery workers and ride-hailing drivers, most of whom are not covered by basic social and medical insurance.
