Business
Alibaba fined $3.66 billion on monopoly charge in China – Sydney Morning Herald
The Chinese Communist Party is cracking down on the country’s biggest e-commerce company, warning it not to stifle competition.
Shanghai: Chinese regulators have fined Alibaba 18 billion yuan ($3.66 billion) – around 4 per cent of its revenues in 2019 – for violating anti-monopoly rules and abusing its dominant market position.
The State Administration for Market Regulation (SAMR) said that after an investigation launched in December, it had determined that Alibaba Group had been abusing market dominance since 2015 by preventing its merchants from using other online e-commerce platforms.
Alibaba founder Jack Ma only recently…
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