E-commerce giant Alibaba fined $3.5B over China’s anti-monopoly rules

Chinese regulators have fined giant e-commerce giant Alibaba 18.3 billion yuan ($3.5 billion Cdn) on charges of violating anti-monopoly rules.

The ruling Communist Party is tightening control over China’s biggest e-commerce and other internet companies and has warned it not to use its industry dominance to stifle competition.

The State Administration for Market Regulation 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.

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