Alibaba fined $ 2.8 billion in China for monopolization policies

China’s State Market Regulatory Authority, which examines Alibaba’s monopolization activities, has imposed a fine of $ 2.8 billion, stating that the company violated the current law.

Alibaba was fined by the Chinese State Market Regulatory Authority (SAMR) in a monopoly lawsuit in which it was accused of abuse of market dominance. The company was fined $ 2.8 billion for violating the country’s anti-monopoly law.

‘We will obey the law’

An official investigation was launched in December 2020 to oversee the company’s policies to force manufacturers to sell on their platforms and prevent them from selling on competing e-commerce sites. SAMR imposed a fine on the company, finding that Alibaba is hampering competition and innovation in online retail in China and harming consumer interests.

SAMR fined the company $ 2.8 billion, which corresponds to 4% of 2019 domestic revenues, and told them to act in accordance with the law.

“We will intensify our operation according to the law, further strengthen the construction of the compliance system based on innovation and development, and better fulfill social responsibility,” Alibaba said in a statement. statements were included.

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