The online retail platform of tech giant Alibaba announced on Wednesday that it will issue 50 billion yuan in subsidies for certain purchases.

Taobao, launched in 2003, said in a WeChat statement that the 50 billion yuan would "directly subsidise consumers and merchants" over a 12-month period starting on Wednesday.

The spending incentives on Taobao's "flash purchase" feature will take the form of red envelopes – a digital form of traditional cash gifts – as well as discounts on products, deliveries and commissions, it said.

Taobao said the subsidies will "provide consumers with preferential and convenient services and experiences, further stimulating consumption vitality".

Mainland authorities have unleashed a series of policy measures aimed at boosting spending, including key interest rate cuts and various consumer goods trade-in schemes.

President Xi Jinping on Tuesday urged efforts to "advance the building of a unified national market" during a high-level meeting on economic policy, Xinhua News Agency reported. (AFP)