China’s Alibaba to invest billions by 2025 for ‘common prosperity’

Move comes on back of Beijing encouraging firms to share wealth as part of a drive to ease inequality

China's Alibaba Group will invest 100bn yuan ($15.5bn) by 2025 in support of common prosperity", it said, becoming the latest corporate giant to pledge support for the initiative driven by the president, Xi Jinping.

Beijing has 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 include Tencent Holdings, which also pledged 100bn yuan, and Geely Automobile.