Alibaba, Tencent, Baidu fined by China’s competitors watchdog | Latest News Table

Alibaba, Tencent, Baidu fined by China’s competitors watchdog

Tech corporations ordered to pay $3.4m for 43 antitrust violations amid crackdown on monopolies.

Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Baidu Inc. are amongst corporations which were ordered to pay a complete of 21.5 million yuan ($3.4 million) in fines by China’s competitors watchdog, the most recent spherical of penalties within the nation’s ongoing crackdown on monopolies.

The businesses should pay 500,000 yuan ($78,000) for every of the 43 antitrust violations, the State Administration for Market Regulation mentioned in a press release on Saturday.

President Xi Jinping declared his intention in March to go after “platform” corporations that amass knowledge to create monopolies and Beijing has been growing antitrust oversight over China’s sprawling non-public sector, particularly within the digital realm.

Alibaba was slapped with a $2.8 billion levy earlier this 12 months for abusing its market dominance, whereas food-delivery chief Meituan was fined $533 million final month for violating anti-monopoly rules.

Leave a Reply

%d bloggers like this: