China fines Alibaba $2.8 billion for anti-competitive tactics

Alibaba Group, the world’s biggest e-commerce company, was fined $2.8 billion by Chinese regulators on Saturday for anti-competitive tactics.

According to the State Administration for Market Regulation, Alibaba was fined for “abusing its dominant position” to limit competition by retailers that use its platforms and hindering the “free circulation” of goods.

It said the fine was equal to 4% its total 2019 sales of $69.5 billion.

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