Alibaba stock rises 4.8% due to government plans

Alibaba Group's stock rose 4.8% on Monday after the Chinese government announced a plan to boost consumer spending. This initiative aims to stimulate economic growth amid signs of a slowing economy. The government's Special Action Plan focuses on increasing domestic demand and stabilizing the stock market. This comes after a significant drop in China's consumer price index last month. Investors are hopeful that improved consumer demand will benefit Alibaba's e-commerce business. However, concerns remain about potential trade tensions with the U.S. and their impact on the company's performance.