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.