March 5, 2020 / 1:58 PM / 24 days ago

China's Alibaba to offer $144 million in subsidies as shopping suffers

FILE PHOTO: The logo of Alibaba Group is seen during Alibaba Group's 11.11 Singles' Day global shopping festival at the company's headquarters in Hangzhou, Zhejiang province, China, November 10, 2019. REUTERS/Aly Song/File Photo

SHANGHAI (Reuters) - China’s Alibaba Group will provide 1 billion yuan ($144 million) in spending subsidies for a March online shopping festival to counter the impact of the coronavirus outbreak.

Alibaba’s announcement, made in a social media post on Thursday, comes as the e-commerce giant wrestles with depressed consumer spending in China, which is in a state of semi-quarantine as a result of the coronavirus epidemic.

($1 = 6.9326 Chinese yuan renminbi)

Reporting by Josh Horwitz; Editing by Alexander Smith

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