---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/32961046.md"
description: "Is it more effective to directly subsidize e-commerce (similar to Pinduoduo's early 10-billion-yuan subsidy) or to first subsidize food delivery and then let food delivery drive e-commerce? If there were doubts before, JD's latest earnings report has made it clear to everyone.After Dong Ge stepped down, I'm curious whether Taobao, with its larger resources, can overturn this conclusion. There's no stock that is a must-buy, which is the main reason I'm not buying it now.$JD.com(JD.US)$Alibaba(BABA.US)"
datetime: "2025-08-14T12:24:58.000Z"
locales:
  - [en](https://longbridge.com/en/topics/32961046.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/32961046.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/32961046.md)
author: "[晓风 morning_wind](https://longbridge.com/en/profiles/6620864.md)"
---

# Is it more effective to directly subsidize e-comme…


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