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China Fines Alibaba $2.8 Billion For Breaking Anti-Monopoly Law

The Chinese government says it is issuing a $2.8 billion fine on the e-commerce company Alibaba Group for violating its anti-monopoly regulations.

Photo by Pixabay


Source: npr

Alibaba is one of the most influential tech giants in China and the world. The company was under investigation by the Chinese government since December for "suspected monopolistic conduct."

In a statement Saturday, China's State Administration for Market Supervision described the company's behaviors as having "eliminated and restricted competition in the online retail platform service market" as well as having "infringed on the business of the merchants on the platform."

The fine is 4% of Alibaba's total 2019 sales in China — which was 456 billion yuan, or over $69 billion.

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