CHINA SLAPS ALIBABA $2.8B FINE FOR BREACHING ANTI-MONOPOLY RULES
Chinese regulators have fined giant e-commerce giant Alibaba 18.3 billion yuan ($2.8 billion) on charges of violating anti-monopoly rules, the Associated Press (AP) reported.
The ruling Communist Party is tightening control over China’s e-commerce powerhouse and other internet companies and has warned them not to use their industry dominance to stifle competition.
The State Administration for Market Regulation (SAMR) announced Saturday that Alibaba was fined for “abusing its dominant position” to limit competition in online retailing.
Alibaba is the world’s biggest e-commerce company by total volume of goods sold across its platforms. It is owned by Jack Ma, a member of the Communist Party of China (CPC) who also controls the South China Morning Post (SCMP).
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