Alibaba promises big discounts ahead of 'Singles Day' shopping event in China

Tmall will also compare prices on products in real time with other e-commerce platforms in China and tag products with the lowest price, it said.

China has experienced much slower-than-expected economic growth following the lifting of COVID-19 curbs late last year and job insecurity for many Chinese has thrust the country's online platforms into a "value-for-money battle".

There have been signs recently, however, that the economy is stabilising and retail sales rose 5.5% in September, ahead of expectations and accelerating from a 4.6% increase in August.

Alibaba did not disclose how much in subsidies and coupons it plans to offer in total this year but added that Taobao and Tmall had committed an "unprecedented" amount of investment.

Presales, when consumers can put down deposits on items, will begin on Tuesday and then purchases are made over two periods — the evening of October 31 till November 3 and November 10-11 — which helps with managing the logistics of deliveries.

The company last year did not announce the sales tally for the event for the first time, saying only that the total amount was in line with 2021.

It has been toning down hype around the event as Chinese President Xi Jinping emphasises "common prosperity" — a push that seeks to eliminate growing wealth inequities and clamp down on what the Communist Party sees as excessive behaviour.