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Sat Apr 10, 2021, 07:09 PM

Alibaba fined $2.8 billion on competition charge in China

Source: AP


BEIJING (AP) — Alibaba Group, the world’s biggest e-commerce company, was fined 18.3 billion yuan ($2.8 billion) by Chinese regulators on Saturday for anti-competitive tactics, as the ruling Communist Party tightens control over fast-growing tech industries.

Party leaders worry about the dominance of China’s biggest internet companies, which are expanding into finance, health services and other sensitive areas. The party says anti-monopoly enforcement, especially in tech, is a priority this year.

Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering “free circulation” of goods, the State Administration for Market Regulation announced. It said the fine was equal to 4% of its total 2019 sales of 455.712 billion yuan ($69.5 billion).

“Alibaba accepts the penalty with sincerity and will ensure its compliance with determination,” the company said in a statement. It promised to “operate in accordance with the law with utmost diligence.”

The logo for Alibaba Group is seen at the company's headquarters in Hangzhou in eastern China's Zhejiang Province, on Dec. 24, 2020. Chinese regulators announced Saturday, April 10, 2021 that they have fined giant e-commerce giant Alibaba 18.3 billion yuan ($2.8 billion) on charges of violating anti-monopoly rules. (Chinatopix via AP)

Read more: https://apnews.com/article/business-china-6639cb02a43f5e2b789313177dcd7542

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Reply Alibaba fined $2.8 billion on competition charge in China (Original post)
Omaha Steve Apr 10 OP
rickyhall Apr 10 #1

Response to Omaha Steve (Original post)

Sat Apr 10, 2021, 07:27 PM

1. Regulating capitalism, what an idea.

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