Alibaba’s hometown, Hangzhou, to provide subsidies for e-commerce industry as China moves to shore up battered economy

  • The city will establish support mechanisms to help e-commerce enterprises in a variety of areas, including finance, talent, and logistics
  • The move is in line with Premier Li Keqiang’s call last month for authorities to spare no effort in stabilising the economy and restoring confidence

Hangzhou is taking steps to bolster its e-commerce industry. Photo: AFP

Hangzhou, the hometown of Alibaba Group Holding, plans to set up a special fund of 5 billion yuan (US$750 million) to support development of the e-commerce industry, which has taken a hit amid a slowing economy, Covid-19 lockdowns and a downturn in consumer sentiment.

The city, capital of eastern Zhejiang province, will establish support mechanisms to help e-commerce enterprises in a variety of areas, including finance, talent, and logistics, according to policy proposals published by the local government on Thursday. The 22-point long-term plan goes into effect next month and will continue until the end of 2025.

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