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Chinese internet giants take measures to boost street stall economy

June 05, 2020


Abstract : Chinese internet giants such as Alibaba, JD.com, Tencent, and Suning.com have taken measures to support roadside vendors who run stalls in designated areas on streets, adding fuel to the thriving street stall economy in China.

BEIJING, June 5 (Xinhua) -- Chinese internet giants such as Alibaba, JD.com and Suning.com have taken measures to support roadside vendors who run stalls in designated areas on streets, adding fuel to the thriving street stall economy in China.

For example, Alibaba's business-to-business wholesale platform 1688.com announced on May 29 that it would provide 70 billion yuan of interest-free credit purchase service for vendors to purchase goods on credit on 1688.com and use the sales income for repayment and a new round of purchase.

Likewise, JD.com launched a plan to provide up to 100,000 yuan of interest-free credit purchase support for each street staller. It will also provide hundreds-of-millions yuan of subsidies for vendors to assure supply, while joining hands with nearly 10,000 manufacturers of brand products and more than 4,000 warehouse runners to provide offline retailers with quality goods worth more than 50 billion yuan.

On June 3, Suning.com launched two billion yuan of low interest start-up funds to support street stall economy. It also announced to offer vendors free training on sale promotion on live streaming platforms and one billion yuan of incentives on the platforms to help them acquire customers.

As the epidemic has been basically put under control in China, cities gradually allow vendors to run their business in designated areas on streets in order to help revive local economies. (Edited by Su Dan with Xinhua Silk Road, silviasu07@163.com)

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Keyword: Chinese Internet giants street stall economy

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