According to reports, Chinese tech and ecommerce giant Alibaba reported moderate revenue growth of five percent in its latest quarter, as Beijing works to stimulate domestic spending.

The Hangzhou-based company runs some of the most popular e-commerce sites in China, so its performance is a good indicator of how customers feel.

According to reports by Hong Kong Stock Exchange, its revenue for the three-month quarter that ended on September 30 was 236.5 billion yuan ($32.7 billion), which was five percent more than it was a year earlier.

"Our revenue growth this quarter was driven by improving monetization of Taobao and Tmall Group. Consistent with our strategy, we continue to invest in our core businesses while enhancing operational efficiency," says Alibaba's Chief Financial Officer Toby Xu.

At 43.9 billion yuan ($6.1 billion), net income attributable to shareholders represented a 58 percent increase over the same time in 2023.

Following strong results in the annual "Singles Day" shopping frenzy and October retail sales growth that was the fastest since February, the most recent report concludes a week that witnessed indications of China's consumption recovery.

Although they did not disclose specific sales figures, Alibaba and its main local rival JD.com both reported impressive results on this year's Singles Day.

JD.com reported faster third-quarter growth, with revenue rising 5.1% from the year before.

Beijing, which has in recent weeks revealed some of its most aggressive actions in years to boost activity, is encouraged by the most recent data and outcomes.

The new measures have included lowering mortgage rates, removing some limits on property purchases, and implementing a debt exchange program to lessen the strain on local governments.

The restructuring followed years of unrest in China's tech sector as authorities clamped down on the once loosely regulated sector.


Since top Beijing officials canceled a planned initial public offering (IPO) of the company's financial services division, Ant Group, in 2020, there has been ongoing uncertainty regarding the firm's future development.