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- China’s Alibaba Group Holding (NYSE:BABA) is said to be launching 50 billion yuan ($7 billion) in subsidies for food delivery and online retail, aiming to strengthen its instant commerce operations amid intensifying competition.
- The yearlong subsidy program will support both consumers and merchants, Alibaba’s (NYSE:BABA) e-commerce platform Taobao announced Wednesday in a statement on its official WeChat account.
- The e-commerce giant is contending with mounting pressure from rising rivals like PDD Holdings (PDD) and is working to close the gap with Meituan in China’s increasingly competitive food delivery market, now further intensified by JD.com’s (JD) recent entry into the space.