Chinese Government Fines Alibaba $3.7 Billion for Anti-Competitive Behaviour
upstart writes in with an IRC submission for c0lo:
Chinese government fines Alibaba $3.7 billion for anti-competitive behaviour - ABC News:
Chinese regulators have fined Alibaba Group, the world's biggest e-commerce company, 18.3 billion yuan ($3.7 billion) for anti-competitive tactics.
The State Administration for Market Regulation on Saturday announced Alibaba was fined for "abusing its dominant position" to limit competition by retailers that use its platforms and hindering "free circulation" of goods.
It said the fine was equal to 4 per cent of Alibaba's total 2019 revenue.
It promised to "operate in accordance with the law with utmost diligence".
China's ruling Communist Party is concerned about the dominance of the country'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.
[...] Mr Ma, one of China's richest and most prominent entrepreneurs, disappeared temporarily from public view after criticising regulators in a November speech.
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